Financial supervision focuses on the aggregate (macroprudential) in addition to the individual (microprudential). But an agreed framework for measuring and addressing financial imbalances is lacking. We propose a holistic approach for the financial system as a whole, beyond banking. Building on...

This paper presents the main findings of the Survey for bank financing to small and medium enterprises (SMEs). The key objective was to capture the main features of the "supply side" of SMEs financing in the Republic of North Macedonia and to identify institutional and policy constraints of...

Before the financial and economic crisis, monetary policy unification and interest rate convergence resulted in the divergence of euroarea countries' financial cycles. This divergence is deeply rooted in the financial integration spurred by currency union and strongly correlated with intra-euro...