The market-oriented approach promoted by the European Central Bank in the design of its refinancing operations creates incentives to credit insitutions to use actively the interbank market to manage their liquidity needs. In this context, we examine the ability of the overnight segment to...

This paper discusses the implementation of monetary policy during the economic and financial crisis of 2007-10. After summarising the different measures adopted by the ECB during these turbulent times, we present a stylised theoretical model that allows us to focus on the main trade-offs faced...

With the current sovereign debt crisis, the incompleteness of economic integration in the Economic and Monetary Union (EMU) has become patent, leading to an intense debate among academics and policy makers. Much of the debate concerns fiscal rules and austerity measures, both of which weigh on...

The absorption of asymmetric economic shocks is particularly essential when countries share the same currency while fiscal policy is decentralized at the national level. In this respect, the specific case of the Economic and Monetary Union (EMU) deserves particular attention since the onset of...

[eng] The Internet bubble, a remake of the 1929 bubble ? . The Internet bubble shows similarities with the 1929 financial bubble, among others substantial variations in the stock prices in real terms on the New York equity markets, first upwards then downwards. This article proposes a comparison...