The extended period of limited growth experienced until recently in many European countries raises the issue as to which policies could be most effective in improving their economic performance. This paper argues that further financial sector reforms may be a valuable complement to ongoing...

Asset-backed securities (ABSs) and covered bonds (CBs) are structured finance instruments that require a range of key services, which may be provided by many firms. However, despite the prevalence of structured finance instruments in Europe, the network between issuers and service providers has...

This occasional paper has been prepared to complement the mandate of the European Systemic Risk Board (ESRB) Task Force on the Financial Stability Implications of the Introduction of IFRS 9. It develops a recursive model to assess how different approaches to measuring credit impairment losses...