In the second half of the twentieth century, the car industry became a lightning rod for debates about human contributions to climate change. Widespread motorisation galvanised the green movements of the 1960s and 1970s, regulators increasingly demanded the use of pollution and climate...

Euro area governments have committed to break the doom loop between bank risk and sovereign risk. But policymakers have not reached consensus on whether and how to reform the regulatory treatment of banks' sovereign exposures. To inform policy discussions, this paper simulates portfolio...

Macroprudential policy is a relatively new policy field. Its goal is to preserve financial stability and to prevent the build-up of systemic risk that may have adverse effects for the functioning of the financial system and for the real economy. New institutions have been tasked with the...