As the flow of financial aid from the industrial countries may be expected to shrink rapidly as a consequence of their economic difficulties, the developing countries will have to find out possibilities of using their own financial resources more effectively. In this connection the task of...

Brexit is not only a historical chapter of the British — EU relationship, but it also carries immense challenges for fi nancial market stability in the short and medium run for the 28 member states of the European Union. The scale of these challenges depends heavily on the outcome of EU-UK...

Digital technologies have the potential to modernise the economy. But digital innovations are disruptive. Therefore, policies need to be comprehensive and go beyond the support of the ICT sector as well as address a variety of issues: increasing returns to the use of data, heterogeneity of the...

The pre-crisis paradigm focused exclusively on the positive role of finance. The new paradigm takes the other side of finance seriously and arrives at distinctly different trade-offs and regulatory approaches.

Substantial successes have been achieved since 1973 in increasing energy efficiency and substituting other fuels for oil. However, reliance on oil and oil imports remains high. The temporary easing on the oil market must not lead to complacency as any relaxation in energy policy efforts may well...

Although harmonization of EC banking laws has only just started, it does already have some practical significance, because in adjustments of national laws account is taken to some extent of the ideas developed on the level of the Community. Nevertheless, a number of problems make it doubtful...