The Eurosystem’s exploratory work on new technologies for wholesale central bank money (CeBM) settlement, carried out in conjunction with financial market stakeholders, began in May 2024 and was successfully completed in November 2024. The exploratory work consisted of (i) trials, with actual tr...

This second EU-Supervisory Digital Finance Academy e-book is being published two years after the launch of the EU-SDFA project. It follows the first e-book (Beck, Giani, and Sciascia, 2023) and shares its twofold objectives. First, it aims to provide the participants in the Academy with a comple...

This thesis contains three independent essays studying recent trends in financial intermediation: bank office closures and the functioning of fintechs in lending markets. In the first chapter, joint with Jin Cao, Ismael Moreno-Martinez, and Kasper Roszbach, we investigate the impact of bank bran...