This paper proposes a central fiscal capacity for the euro area that generates transfers in response to eurozone, country, and region-specific shocks. Themain novelty of this fiscal capacity is that it allows a joint response to these three types of shocks within a single scheme. Based on NUTS3...

At the outset of the novel coronavirus pandemic (COVID-19), financial instability spread around the world. In response to potential euro funding stresses outside the euro area, on June 25, 2020, the European Central Bank (ECB) announced the Eurosystem Repo Facility for Central Banks (EUREP). The...

This paper analyses the compliance patterns of the European fiscal rules of the public debt and budget deficit in a group of twelve Member States. The aim is to make a contrafactual analysis to the compliance of those rules from 2020 to 2022 in a hypothetical scenario without the Covid-19...

This paper assesses the progress made towards the creation of the European Banking Union (EBU) and the evolution of the banking industry in the European Union since the financial crisis of 2007. We review major regulatory changes pertaining to the three pillars of the EBU and the effects of new...