The paper investigates the life-cycle of the 2008-2009 financial crisis by linking the Macroeconomic Imbalance Procedure (MIP) Scoreboard of the European Commission to the crisis database of the European Systemic Risk Board (ESRB). The novelty of the analysis is that early warning capacity of...

The past few months have exposed serious problems in relation to Europe's ability to cope with financial stress. Placing the new Financial Stability funds on a permanent basis, in the form of a new European Monetary Fund will be required if Europe is to deal effectively with the serious debt...

We quantify the gains from regulating maturity transformation in a model of banks which finance long-term assets with non-tradable debt. Banks choose the amount and maturity of their debt trading off investors' preference for short maturities with the risk of systemic crises. Pecuniary...

This note examines whether subjective general health in Europe has changed since the onset of the economic crisis. Subjective general health for Ireland, Spain and Portugal is compared before and after the onset of the recession. Two other European economies, Germany and United Kingdom, are also...

The paper looks at two aspects of the Covid-19 pandemic. These are (i) the nature of this event and its implication for evaluating past policy and policy into the future, and (ii) the suitability of proposed changes in the implementation of competition policy affecting firm behaviour, market...

The 2008 financial crisis, followed by the COVID-19 pandemic, presented significant challenges - along with some opportunities - for apprenticeship systems and schemes across Europe, bringing into focus their resilience in times of crisis. These events, along with trends such as the green and...

In both the subprime crisis and the euro-area crisis, regulators imposed bans on short sales, aimed mainly at preventing stock price turbulence from destabilizing financial institutions. Contrary to the regulators' intentions, financial institutions whose stocks were banned experienced greater...