Building confidence in the path ahead
Christine Lagarde outlines what needs to be done to become sufficiently confident to start dialling back the ECB’s restrictive policy stance
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MACROECONOMICS
Examining how the overall economy—the markets, businesses, consumers, and governments—behave, focusing on long-term economic growth and shorter-term business cycles
Trust and macroeconomic stability: a virtuous circle
Trust is essential for the success of public policies. Agustín Carstens argues that policymakers’ success in dealing with recent crises was due to the trust they had built over the years, which allowed them to take decisive action when required
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Geoeconomic fragmentation and firms’ financial performance
The threats of geoeconomic fragmentation have accelerated in recent years. Alessandro D’Orazio, Fabrizio Ferriani and Andrea Gazzani introduce a novel firm-level revenue-weighted geopolitical risk index
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The role of fiscal policy – what recent research shows
The global economy has seen a major financial crisis and a worldwide pandemic. Patrick Minford reviews the attempts to model these events and suggests policy conclusions
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A tale of two treatises: the birth of the euro
In the process towards European economic and monetary union, two reports played crucial roles. Ivo Maes focuses on the Werner and Delors Reports, capturing the key ideas and debates on the EMU process and the birth of the euro
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Can artificial intelligence prevent financial crises?
Financial markets have inherent instability. Daniel Dăianu considers the role of AI but finds it hard to imagine a complete replacement of human judgment in monetary policy
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Demystifying fears about bank disintermediation
The ECB’s Governing Council has decided to proceed with the ‘preparation phase’. Ulrich Bindseil, Piero Cipollone and Jürgen Schaaf focus on the debate around the impact of a digital euro on bank funding
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Banking today in the United Kingdom
Andrew Bailey gives an overview on the state of the banking sector, focusing on the future issues that are important for banks themselves and for broader monetary and financial stability
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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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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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