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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ECB
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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Tax incidence and deposit relocation risks
Unremunerated reserves in the Eurosystem. Robert McCauley and Julien Pinter argue that imposing unremunerated reserves on euro area banks would likely push bank intermediation offshore out of the euro area
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Unremunerated reserves in the Eurosystem: heads I win, tails you lose
Unremunerated reserves in the Eurosystem. Robert McCauley and Julien Pinter argue that turning huge remunerated excess bank reserves into zero-yielding required reserves is a tax on banks
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The economic outlook and monetary policy in the euro area
Luis de Guindos provides an overview of the latest economic developments and discusses the outlook for the euro area economy for the coming months
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Preserving a ‘Stabilitätskultur’ objective
Monetary policy in the climate and nature crises. Frank Elderson considers more frequent climate and nature events and their greater impact on the economy
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International governance at a turning point
International governance has brough indisputable benefits, but mistrust has grown. Christine Lagarde calls for policymakers to focus on citizens’ priorities whilst being courageous and accountable
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Why the digital euro might be dead on arrival
Cyril Monnet and Dirk Niepelt argue that in protecting the current banking model the ECB could be sacrificing the digital euro on the altar of banking as we know it
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Strengthening resilience in a changing geopolitical landscape
A series of shocks have dramatically changed the global landscape. Christine Lagarde argues that the CESEE economies have the resilience to flourish
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