During the last two decades the CIS countries have received very significant amounts of technical assistance from international development organizations and bilateral donors. While this has played a positive and important role in the transformation of these societies, practically all...

This paper offers a narrative description of Western European monetary policies during the 1980s, seen from a French and European perspective and based on the archives of the General Council of the Bank of France and of the Committee of Governors (CoG) of the central banks of the member states...

This report looks backwards to the worldwide use of (enhanced) lender of last resort (LOLR) and market maker of last resort (MMLR) facilities during the global financial and the pandemic crises. It discusses how LOLR and MMLR facilities have worked; looking ahead, it considers what benefits and...

After almost four decades of price stability, inflation has recently approached historical highs. Initially driven by global energy and food price increases, the magnitude of the surge in inflation caught central banks and markets by surprise. Price pressures are now increasingly broadening to...

In 2022, the European Central Bank (ECB) introduced the Transmission ProtectionInstrument (TPI) to counter the risk of financial fragmentation following the normalisation ofmonetary policy. The ECB has specified conditions under which the TPI can be activated.This paper examines these conditions...