Sadly, our previous compilation of VoxEU columns, ‘The First Global Financial Crisis of the 21st Century,’ was not the last word on the subject. Since the publication of that volume in June 2008, the global crisis has both deepened and widened. The industrial world has seen the largest bank...

This contribution is an analysis and a comment of the Final Remarks of the Governor of the Bank of Italy and his directions of economic policy for the Italian economy. An economy that has a high unemployment and also supports a public debt that, despite the recent efforts of fiscal...

Globalization and strengthening of integration processes have, among other things, also influenced some solutions relating to monetary sovereignty of particular countries. A great number of transition countries as well as some other underdeveloped countries are facing both inefficiency in their...

Slow growth, low interest rates and low inflation have characterized the macroeconomic environment in the Euro Area and other advanced economies since the global financial crisis of 2008-09. In this economic landscape there are growing concerns that advanced economies will face continued...

The global financial crisis of 2007-09 triggered a sharp fall in output growth that was followed by a persistent slump in Europe and other advanced economies. Almost a decade after the outbreak of the global financial crisis, the recovery remains very weak in many major advanced economies. This...

This paper explores the widely held theoretical view that zero interest rates should result in lower borrowing costs – propelling the demand for borrowing, “the theory and practice of monetary policy”, against the practical and broader acknowledgements that further negative consequences,...

The Global Crisis led to a sharp contraction and long-lasting slump in both Eurozone and US real activity, but the post-crisis adjustment in the Eurozone and the US shows striking differences. This column argues that financial shocks were key determinants of the 2008-09 Great Recession, for both...

Global games with endogenous information often exhibit multiple equilibria. In this paper we show how one can nevertheless identify useful predictions that are robust across all equilibria and that could not have been delivered in the common-knowledge counterparts of these games. Our analysis is...

This paper examines the role of the ECB communication activities on daily Eurodollar exchange rate and interest rates.We estimate the relationship between monetary policy and the exchange rate using a technique that explicitly recognises the joint determination of both the levels and...

Global games with endogenous information often exhibit multiple equilibria. In this paper we show how one can nevertheless identify useful predictions that are robust across all equilibria and that could not have been delivered in the common-knowledge counterparts of these games. Our analysis is...