The launch of the Single Supervisory Mechanism and the new European legislation on micro and macroprudential instruments (Capital Requirements Directive IV and Capital Requirements Regulation) open important new prospects for banking supervision in Europe. This article reviews opportunities and...

Using a simple method, based on forward interest spreads, we analyse the recent movements in the 10-year yield differentials between three currencies (Italian lira; Spanish peseta; Swedish krona) and the DM in order to gauge the extent to which the reduction in these differentials was due to...

We model an international union as a group of countries deciding to centralize the provision of public goods, or policies, that generate externalities across union members. The trade-off between the benefits of coordination and the loss of independent policymaking endogenously determines size,...

The G20 has produced mixed results. After initial high hopes and some success, negotiations within the G20 forum have slowed, progress is less visible and disagreement rather than agreement has come to the fore. Against this background, this paper revisits the basic economic and geopolitical...

Ignazio Angeloni believes that the increase in financial interdependence in recent decades has not been matched by sufficient progress in the international coordination among regulatory authorities. In fact, the international financial system has suffered from insufficient globalisation of...

There is an unequivocal sign that a cooperation mechanism, a policymaking forum, a â??Gâ?? in short, is losing effectiveness; that its agenda is becoming an end in itself rather than a premise for purposeful action. It is when its press communiquées lose focus and turn into long lists of...

In this paper Bruegel Visiting Scholar Ignazio Angeloni (European Central Bank), Ester Faia (Goethe University Frankfurt, Kiel IfW and CEPREMAP)  and Marco Lo Duca (European Central Bank) examine the links between monetary policy, financial risk and the business cycle, combining data evidence...

In this timely policy contribution, Visiting Scholar Ignazio Angeloni suggests that the Pittsburgh G20 may represent policymakers' last chance at real financial market reform. He develops a shortlist of recommendations for world leaders to tackle at the summit and says that world leaders at the...