We develop a parsimonious model of the interbank payment system to study congestion and the role of liquidity markets in alleviating congestion. The model incorporates an endogenous instruction arrival process, scale-free topology of payments between banks, fixed total liquidity that limits...

[eng] The Eurogroup : achievement and challenges . The Maastricht treaty foresees complex procedures, little known by public, to organise the economic policy co-ordination of the European Union Member states. This situation is the product of a former reflection on monetary Union. But the treaty...

[fre] Sous l’effet de la mondialisation financière, la convergence des normes comptables s’est accélérée au cours des dernières années. Dans ce contexte, la gestion de la dette publique ne peut faire abstraction de cet environnement comptable en mutation. Cette note s’intéresse aux...