The high level of private debt in many EU countries has put a spotlight on the role that insolvency frameworks can play in helping to address debt overhangs and clean bank balance sheets of non-performing loans.This paper reviews the macroeconomic relevance of insolvency frameworks from an EU...

Since joining the EU in 2004, bank lending to the non-financial private sector in Slovakia has grown continuously. While corporate credit volumes stopped growing in the aftermath of the 2008/09 global financial crisis, household borrowing has continued to grow at double digit rates, mainly to...

The report investigates how structural features of, and cyclical developments in, residential real estate (RRE) markets in the EU may affect financial stability and how related risks can be addressed. The report is structured in four main sections covering: (i) an analysis of the structural...

This paper provides empirical support to the important role of efficient pre-insolvency frameworks in fostering a culture of early restructuring and second chances in EU Member States and the positive impact that this has on entrepreneurship, as well as the timeliness and cost of corporate and...

The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...

This report has been prepared to provide a general overview and assessment of the performance of the Portuguese economy under the EU/IMF adjustment programme and the remaining challenges ahead. Portugal's recent exit from the Programme implied the lapsing of the 12th and final review of...

The state of development of rental markets as a genuine alternative to home-ownership stands out as a particularly relevant institutional factor shaping the outcome of the housing market and playing a balancing role and alleviating house price pressures. This is especially the case when it...