Policy Papers

Reports written at the European Systemic Risk Board

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


Recent trends in UK financial sector regulation and possible implications for the EU, including its approach to equivalence (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

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)

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.

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