Policy Papers
Advanced countries
Regulatory cooperation on cross-border banking - Progress and Challenges after the Crisis, National Institute Economic Review 235, 2016
Financial Regulation in Europe: Foundations and Challenges (joint with Elena Carletti and Itay Goldstein)
Striking a healthy balance, Financial World
Ireland's banking system - looking forward, for a recent European Commission/Trinity College Dublin conference
Bank Financing for SMEs - Lessons from the Literature, National Institute Economic Review 225, R23-R38, 2013
Banking Union for Europe: Risks and Challenges (Editor), Vox eBook, 16 October 2012.
Finance and Growth: Lessons from the literature and the recent crisis, July 2012. Prepared for the LSE Growth Commission.
Banking in Europe: Disentangling a Twin Crisis, June 2012, prepared for the OeNB 40th Economics conference in May 2012.
Regulatory Reform after the Crisis: Opportunities and Pitfalls, in Oh, Y. (Ed.), The World Economy with the G20. Korea: KIEP/CEPR, 2010. (Also CEPR Discussion Paper, no. 7733, 2010)
Bank Competition and Financial Stability, Friends or Foes?, in: Competition in the Financial Sector, Bank Indonesia and Banco de Mexico (eds), 2008.
Creating an Efficient Financial System: Challenges in a Global Economy, South African Reserve Bank, Banco de Mexico, and The People's Bank of China (ed.) Economic Growth, 2006.
Reports written at the European Systemic Risk Board
Addressing banks’ vulnerability to deposit runs: revisiting the facts, arguments and policy options (joint with Vasso Ioannidou, Enrico Perotti, Antonio Sánchez Serrano, Javier Suarez and Xavier Vives), August 2024
Corporate credit and leverage in the EU: recent evolution, main drivers and financial stability implications (joint with Tuomas Peltonen, Enrico Perotti, Antonio Sanchez Serrano and Javier Suarez), June 2023.
Will video kill the radio star? Digitalisation and the future of banking (joint with
Stephen Cecchetti, Magdalene Grothe, Malcom Kemp, Loriana Pelizzon, and Antonio Sánchez Serrano), January 2022
System-wide restraints on dividend payments, share buybacks and other pay-outs, June 2020
The global dimensions of macroprudential policy (joint with Willem Buiter, Kathryn Dominguez, Daniel Gros, Christian Gross, Sebnem Kalemli-Ozcan, Tuomas Peltonen, Antonio Sánchez Serrano, and Richard Portes), February 2020
Policy Papers for the European Parliament
10 years of Banking Union case law – how did CJEU judgments shape supervision and resolution practice in the Banking Union? (joint with Christy Petit), October 2024
Can the Banking Union foster market integration, and what lessons does this hold for Capital Markets Union? (joint with Brunella Bruno and Elena Carletti), September 2024
Recent trends in UK financial sector regulation and possible implications for the EU, including its approach to equivalence (joint with Christy Petit), February 2023
Evolving key risks in the banking sector, and related priorities for the SSM (joint with Brunella Bruno and Elena Carletti), November 2022
The ECB’s close cooperation on supervising banks in Bulgaria and Croatia (joint with Brunella Bruno), May 2022
When and how to unwind COVID-support measures to the banking system? (joint with Brunella Bruno and Elena Carletti), March 2021
Monetary Policy and Banking Supervision: Coordination instead of separation (joint with Daniel Gros), December 2012
Emerging markets and developing countries
Financial inclusion in Africa, prepared for AERC Senior Policy Seminar in March 2016 in Nairobi
Long-term finance in Latin America, report prepared for IDB, December 2015.
Finance for Development: A Research Agenda,written for the ODI under a grant from the DFID-ESRC Growth Research Programme (DEGRP).
SME Finance: What have We Learned and What Do We still Need to Learn? Chapter in World Economic Forum Financial Development Report 2010.
Finance in Africa: Achievements and Challenges,with M. Fuchs and M. Uy, in: World Bank, African Development Bank and World Economic Forum, 2009(Eds.): African Competitiveness Report