Fiscal rules compliance and sovereign borrowing costs: Some evidence from the euro area

Governments with well-designed fiscal rules generally enjoy lower yields but less is known about whether investors price compliance with these rules. Using a panel of

Is Europe ready for a major banking crisis?

Europe’s banks have long been slow to integrate across borders, but this is changing fast. ‘Pan-European banks’, with activities spanning several EU countries, are emerging

Transmission of liquidity shocks through non-bank financial intermediaries: Evidence from the International Banking Research Network

The role of non-bank financial intermediaries in funding markets and financial crises has increased in recent decades. This column examines the rise of the sector