Safe debt financing: International spillovers and the benefits of fiscal policy coordination
Safe government bonds enjoy a discount known as the convenience yield. When a government issues more debt, it erodes this discount for itself and for
When aging meets digital & AI: Closing the silver digital divide for an aging world
We are living through two megatrends humanity has never seen before. The first is aging. Populations over 65 are growing not just in developed countries,
Debt service and fiscal sustainability
Debt sustainability analysis typically focuses on debt stocks and the interest rate-growth rate differential, but these are not perfect predictors of fiscal stress. This column
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
Green finance or financing green? Bridging the EU’s sustainable-finance and capital-market architectures
The European Union has not done a good job of integrating its green goals with its overall approach to finance. Sustainability disclosure and capital markets
Planning for the rising fiscal costs of climate disasters
Low insurance coverage is turning EU governments into disaster insurers of last resort, strengthening the case for prevention and adaptation finance. Climate-related disasters are affecting
When oil is scarce and debt is binding: policy sequencing under a severe energy supply shock
With inflation still binding and fiscal space thin, the 2026 Iran shock revives the case for pre-committed, conditional yield anchors with clear exit. The 2026
Challenges to the integration of the Western Balkans into European Union supply chains
Western Balkan economic integration with the European Union has advanced significantly over the past two decades, driven by trade liberalisation and significant EU foreign direct
The limited effects of regulating greenwashing: Evidence from Europe’s Sustainable Finance Disclosure Regulation
Disclosure-based regulation is often seen as a low-cost way to address greenwashing. This column uses European mutual fund data to assess the impact of the
Bahrain unveils special reform package to bolster public finances
These measures include increases in fuel prices, higher electricity and water tariffs for certain categories, and greater dividend contributions from state-owned enterprises Bahrain’s government has
