Capital markets

The United States dollar’s international role
The dollar is by far the dominant currency. Christopher Waller does not expect to see the US dollar lose its status as the world’s reserve currency anytime soon
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
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...
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
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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