Bank loans are often associated with a nominal valuation in banking books. Such valuation may prove irrelevant in case of portfolio liquidations such as those triggered by financial distress. How then can one provide an alternative assessment of those non-marketable assets? We propose in this...

Ensuring the involvement of private sector creditors in the resolution of sovereign debt crises is crucial to ensure an effective management and orderly resolution of those crises. A review of experience gained in past financial crises suggests that crisis management practices have been largely...

This paper analyses the implications of climate change for the conduct of monetary policy in the euro area. It first investigates macroeconomic and financial risks stemming from climate change and from policies aimed at climate mitigation and adaptation, as well as the regulatory and fiscal...