Should monetary policy lean against financial stability risks? This has been a subject of fierce debate over the last decades. We contribute to the debate about "leaning against the wind" (LAW) along three lines. First, we evaluate the cost and benefits of LAW using the Svensson (2017) framework...

Should monetary policy lean against financial stability risks? This has been a subject of fierce debate over the last decades. We contribute to the debate about “leaning against the wind” (LAW) along three lines. First, we evaluate the cost and benefits of LAW using the Svensson (2017)...

We investigate the financial crisis as a cut-off point in the evolution of financial systems in the European Union and in their convergence process. The crisis marked a turning point in the growth of banks and in the leveraging process of the economy. The evolution of financial systems in the...