Since the crisis, there have been major changes in current account imbalances: whereas the global surplus was concentrated in China and oil exporters in the pre-crisis period, capital is today mainly exported from the euro area, Japan and a few other advanced economies. Moreover, although in the...

The notes in this compilation prepared by key monetary experts explore the different ways in which globalisation could have an impact on inflation and monetary policy transmission channels. The growing integration of production processes, commodity price shifts and the reduced ability of wage...

The notes in this compilation by key monetary experts discuss the main financial stability threats of unconventional monetary policies in an environment of low interests rates and the interrelation between financial stability and monetary policy at the current juncture. The notes have been...

The notes in this compilation prepared by key monetary experts explore the different ways in which globalisation could have an impact on inflation and monetary policy transmission channels. The growing integration of production processes, commodity price shifts and the reduced ability of wage...

The notes in this compilation by key monetary experts discuss the main financial stability threats of unconventional monetary policies in an environment of low interests rates and the interrelation between financial stability and monetary policy at the current juncture. The notes have been...

The greatest challenge for the EU in trying to identify an optimal response is understanding the motives behind the US strategy. The rhetoric, and more recently also actions, of the current US administration on trade and the global multilateral system are a real threat to the process of...

Most European Union countries have made good progress with vaccinating their populations against COVID-19 and are now seeing a rebound in economic activity. While the scarring effects of the crisis and the long-term implications of the pandemic are only partially understood, the effects of...

The purpose of our report is to provide a comprehensive overview of capital movements in Europe in a global context. Free movement of capital, which is one of the four fundamental economic freedoms of the European Union, can enhance welfare if it leads to better allocation of financial and...