Monetary policy

Price stability is all about climate change

The European Central Bank should bring in cheaper greening funding for banks, to offset the impact of high interest rates on the energy transition

A tale of two treatises: the Werner and Delors Reports and the birth of the euro

Focusing on the Werner and Delors Reports, this essay aims to capture key ideas and debates, giving a chronological overview of the EMU process

Macroeconomic policy frameworks in the EU: in need of renewal

Low-carbon allocation in monetary policy implementation

Read with Bruegel: Central Banking before 1800: A Rehabilitation

A deep dive into the history of central banking over the four centuries before 1800.

China’s GDP data point to need for stimulus, but will it come?

The main reason for the relatively poor second quarter is lackluster domestic demand.

The US and euro area must move faster on their digital currencies for wholesale purposes

The value added of central bank digital currencies: a view from the euro area

Central bank digital currencies do have added value, but this is not the same for every country.

Don’t look only to Brussels to increase the supply of safe assets in the European Union

A sufficient supply of safe assets denominated in euros is critical if the European Union is to achieve a full banking and capital markets union.

If it doesn’t trade, is it really marketable debt?

Europe’s bond markets are essential infrastructure, just like the power grid.