Mind the gap: Bringing EU debt into the Stability and Growth Pact
EU debt has become a noticeable feature of Europe’s fiscal architecture. However, EU fiscal rules focus solely on national public finances. They have a blind
Never let a good crisis go to waste: Term limits and banking reforms
Financial crises routinely trigger sweeping overhauls of financial regulation, but whose interests do these reforms serve? Using data on financial policies in 88 democracies between
Opening the black box of Europe’s new fiscal rules
The EU’s fiscal rules in force since 2024 are often criticised for their complexity. The official implementation requires thousands of lines of code and a
Independent central banks take more risk, not less
The fiscal dominance view holds that politically captured central banks are more likely to be pushed into taking risky positions, while independent ones resist. This
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
Frontier market economies: Seven insights on global financial integration and rising debt
Over the next quarter-century, today’s frontier markets are projected to add more individuals to the global population than the rest of the world combined—making them
How sanctions can help stabilise global oil supply
There were initial concerns that the introduction of the Russian oil price cap in 2022 would see Russia cut production, global oil supply fall, and
Building bank resilience by Additional Tier 1 debt reform
EU bank regulation under Basel III ensures bank solidity but often creates barriers to EU financial integration. Additional Tier 1 contingent convertible debt is designed
New evidence on the resilience benefit of borrower-based measures when interest rates go up
Borrower-based macroprudential measures are meant to provide a guardrail to counter an erosion of lending standards over time. This column explores whether such measures can
Conservation in the path of development: new data to guide road corridor investments
Biodiversity loss poses a direct threat to human well-being, economic development, and planetary health Biodiversity supports food security, clean water, climate stability, and livelihoods —
