Banking and capital markets

There are no shortcuts to finance

The basic underpinnings of regulation, reserves and (legal) recourse are missing in decentralised finance, or DeFi.

The collapse of Silicon Valley Bank

A timely conversation on the Silicon Valley Bank crisis.

The ECB as part of an imperfect architecture

Liquidity risk, market power and the informational effects of policy

Croatia’s accession into the euro area

What are the implications of Croatia joining the euro area?

Digital Euro blurs the lines between money and politics

A central bank-backed digital currency would put the EU in the global vanguard when it comes to taking cash payments online.

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.

The charm of central bank digital currencies in a polarised world

How will CBDCs impact the international financial system?

Is there social added value in digital currencies?

Testimony on crypto and CBDCs to the Fintech committee of the European Parliament.

Completing Europe’s banking union: economic requirements and legal conditions

This contribution analyses the deficiencies of the current framework and identifies possible responses, in line with three levels of reform ambition.

The importance of being fiscally earnest

As interest rates increase over the course of the next few months, there are bound to be asset-price corrections & rethinking of investment decisions.

Volatile energy markets expose the fragility of Europe’s capital market infrastructure

Reform of the EU central clearing framework is an essential part of capital markets union, but reform should not be driven by current energy turmoil.

Should the European Union turn to financial markets to finance its programs?