Fighting inflation fairly and effectively
A two-tier system of reserve requirements is needed to reduce the size of transfers to banks. Paul De Grauwe and Yuemei Ji answer their critics
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Modernising finance: the role of central bank money
The payments system is being transformed. Piero Cipollone argues that central banks need to be at the vanguard of digital transformation to ensure financial stability
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The real effects of trade financing by export credit agencies
Trade finance subsidies, usually provided by export credit agencies, are the predominant tool of industrial policy. Poorya Kabir, Adrien Matray, Karsten Müller and Chenzi Xu discuss the effect of the effective shutdown of the Export–Import Bank of the US (EXIM) from 2015—2019 on firm outcomes
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The tide has turned: EU firm-level productivity growth has started to suffer from Chinese import competition
Chinese export dominance is no longer confined to low-wage sectors. Klaus Friesenbichler, Agnes Kügler and Andreas Reinstaller suggest a series of possible policy responses
Unresolved business: enlarging the EU towards Moldova and Ukraine (and perhaps Georgia)
Lucio Vinhas de Souza examines the institutional and financial implications of past and future EU enlargements and argues that the progress made towards Ukrainian accession has direct implications for the other candidate countries of Moldova and Georgia
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When financial risk models hallucinate
Financial risk models are critical for the operation of financial institutions and financial regulations. Jon Danielsson argues that measuring systemic financial risk needs to acknowledge the changed behaviour during periods of market stress
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The future of banking over the longer-term
Bank management and directors face significant challenges in preparing for an unpredictable future. Michelle Bowman suggests a different way of thinking about the long-term challenges and opportunities in the banking industry is needed
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The first 25 years of the euro: a bird’s-eye view
At 25 the euro area has shown extraordinary resilience. Marco Buti and Giancarlo Corsetti articulate a set of reforms to complete the euro area architecture
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Can AI change economic logic and bring abundance for all?
Daniel Daianu asks if AI can address imbalances between needs and resources sustainably by bringing about abundance for all?
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Beyond money: the euro’s role in Europe’s strategic future
To ensure the euro’s role in Europe’s future Fabio Panetta argues that we need effective macroeconomic stability, a fully-fledged banking and capital market union, and a dynamic payments and market infrastructure
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