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...

Policy makers have argued that markets are not pricing climate risk appropriately yet, which may lead to a misallocation of resources and financial instability. Climate riskadjusted refinancing operations (CAROs) conducted by the central bank are one possible instrument to address this issue....

The interventions done by central banks in order either to provide liquidity or to help the recovery of economic growth, during the lasting effects of the recent financial crisis, have again brought into the light the question how the monetary policy is serving the best a sustainable growth....

The international reserves of the central bank seem to become a matter of unprofessional debate, creating the false illusion that this is a mere accumulation of value, without any meaningful use in managing the current business cycle of an economy through an appropriate policy, e.g. monetary...

Inflation targeting 􀂱 monetary policy framework that requires the central bank to achieve a low inflation 􀂱 has contributed to price stability in industrialized countries. As well as the other developing countries, ex communist countries have also tried to apply this strategy, which was...

We suggest that flexible majority rules for currency issuance decisions foster the stability of a cryptocurrency. With flexible majority rules, the voteshare needed to approve a particular currency issuance growth is increasing with this growth rate. By choosing suitable parameters for these...