Read article More on this topic

Blog Post

Pia Hüttl
dsc_1000

An update: Sovereign bond holdings in the euro area – the impact of QE

Since the ECB’s announcement of its QE programme in January 2015, national central banks have been buying government and national agency bonds. In this post we look at the effect of QE on sectoral holdings of government bonds, updating our calculations published in May and November 2016.

By: Pia Hüttl and Inês Goncalves Raposo Topic: European Macroeconomics & Governance Date: March 9, 2017
Read article More on this topic

Blog Post

Pia Hüttl
Silvia Merler

An update: Sovereign bond holdings in the euro area – the impact of QE

Since the ECB’s announcement of its QE programme in January 2015, national central banks have been buying government and national agency bonds. In this post we look at the effect of QE on sectoral holdings of government bonds, based on our recently updated dataset.

By: Pia Hüttl and Silvia Merler Topic: European Macroeconomics & Governance Date: November 22, 2016
Read article Download PDF More by this author

Policy Contribution

pc-19-2016_page_01

Financial regulation: The G20’s missing Chinese dream

The current fairly peripheral role of China in the global financial regulatory system is increasingly problematic. The system needs a guiding vision in which China becomes much more central – a ‘Chinese dream.’ This paper outlines three clusters of initiatives to achieve a global financial regulatory system in which China holds a major position.

By: Nicolas Véron Topic: Finance & Financial Regulation, Global Economics & Governance Date: October 26, 2016
Read article More on this topic

Blog Post

Tommaso Aquilante
IMG_20150922_160434

Update of the EFIGE dataset

The EFIGE dataset on firms' competitivenes was recently updated by extending the panel-level balance sheet data until the year 2014. This post highlights the main features of the brand new data.

By: Tommaso Aquilante and Domenico Favoino Topic: Innovation & Competition Policy Date: August 22, 2016
Read article More on this topic

Blog Post

Pia Hüttl
Silvia Merler

Sovereign bond holdings in the euro area - the impact of QE

Since the announcement of the QE programme by the European Central Bank (ECB) on 22 January 2015, national central banks have been buying government and national agency bonds. In this post we look at the effect of QE on sectoral holdings of government bonds, based on our recently updated dataset.

By: Pia Hüttl and Silvia Merler Topic: European Macroeconomics & Governance Date: May 19, 2016
Read article More on this topic

Blog Post

Christopher Gandrud
Mark Hallerberg
Nicolas Véron

The European Union remains a laggard on banking supervisory transparency

Financial supervisors must provide the public with more information about the European banking sector in order to ensure financial stability. The level of transparency in national supervision of banks has dropped since 2013.

By: Christopher Gandrud, Mark Hallerberg and Nicolas Véron Topic: Finance & Financial Regulation Date: May 10, 2016
Read article

Blog Post

Christopher Gandrud
Mark Hallerberg

Opaque Europe: financial supervisory transparency, why it’s important, and how to improve it

“Financial supervisory transparency” has been on the agenda of international financial institutions for some time. It concerns the public availability of data supervisors have on the financial industry. Using a new measure of data reporting to international financial institutions like the IMF and World Bank, we show that financial supervisory transparency is particularly lacking in Europe. We make recommendations for EU institutions to improve it.

By: Mark Copelovitch, Christopher Gandrud and Mark Hallerberg Topic: Finance & Financial Regulation Date: December 11, 2015
Read article More on this topic More by this author

Blog Post

Zsolt Darvas

Real exchange rates in conflict zones

Several countries experiencing conflict have been able to maintain a stable nominal exchange rate and thereby their real exchange rates were either stable or even increased due to high inflation. In contrast, nominal exchange rates have recently crashed in Syria, Ukraine and Russia, but high inflation has partially or fully counteracted its impact on the real exchange rate.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: November 26, 2015
Read about event

Past Event

Past Event

Diversifying funding for growth in transition countries

Debt levels in transition economies have risen by 25% relative to GDP since the financial crisis, yet there is still a huge gap in growth-friendly investment. Which financial tools could offer the region the diversified funding needed to support convergence?

Speakers: Çağatay Bircan, Zsolt Darvas and Hans Peter Lankes Topic: Finance & Financial Regulation, Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 13, 2015
Read article Download PDF More on this topic More by this author

Working Paper

Internationalising the currency while leveraging massively: the case of China

Internationalising the currency while leveraging massively: the case of China

This paper reviews the steps that China has taken towards financial reform with a particular focus on capital account liberalisation and internationalisation of the use of the renminbi.

By: Alicia García-Herrero Topic: Global Economics & Governance Date: October 29, 2015
Read article More on this topic More by this author

External Publication

Does money matter in the euro area? Evidence from a new Divisia index

Does money matter in the euro area? Evidence from a new Divisia index

Zsolt Darvas created a a dataset on euro-area Divisia-money aggregates. In this paper, Zsolt estimates theoretically correct responses to money, user cost and interest rate shocks using structural vector-autoregressions. 

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: June 17, 2015
Read article More on this topic More by this author

Blog Post

Zsolt Darvas

Real exchange rates after the Swiss tsunami

The surprise abolition of the 1.2 Swiss franc/euro exchange rate floor by the Swiss National Bank sent shock waves to currency markets. The instant reaction was more than 30 percent appreciation of the Swiss franc, which corrected somewhat later and other currency rates have changed too. Today the franc is traded at a rate of about 1 to the euro, implying 20 percent nominal appreciation.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: January 19, 2015