Open-economy macroeconomists regularly invoke the policy trilemma that states that governments cannot simultaneously maintain an open capital account, a fixed exchange rate, and a domestically-oriented monetary policy. My thesis is that jurisdictions with substantial offshore activities find...

The present retail payments clearing and settlement infrastructure in both the EU and the euro area is still very fragmented. Therefore, it is understandable that, in recent years, a debate on the sluggishness of the integration of the European retail payment systems has emerged. The present...