This study provides an overview of steps taken by Regional Financing Arrangements (RFAs) to incorporate climate considerations into their activities, covering the areas of economic monitoring, lending, capacity building, and internal policies and operations. It aims to deepen the RFAs’ understan...

In this paper we analyse the usefulness of digital currencies for wholesale financial transactions in Europe. Currently, several risks impede any broad adoption of distributed ledger technology, but this sovereign debt issuance case study demonstrates the potential widespread efficiency gains fr...

A greater likelihood of significant asymmetric shocks, the war in Ukraine, and stretched fiscal space all underscore the importance of establishing a euro area fiscal stabilisation capacity. This paper considers the merits of a fund that provides loans for fiscal stabilisation purposes, referred...

This study considers to what extent quality of life criteria, as defined in the Organisation for Economic Cooperation and Development (OECD) well-being framework, could be applied in evaluations of financial assistance programmes. Examining the impact of programmes on the social fabric, the envi...

This study compares responses to the Covid-19 crisis across six regions covered by Regional Financing Arrangements (RFAs), outlining the pandemic’s economic impact, policy measures implemented by authorities to limit its economic damage, and the institutional actions by the RFAs to support membe...

This paper discusses the EU fiscal framework reform. It reviews the EU fiscal governance history and reforms, and identifies key challenges. It then takes stock of reform proposals made so far, and finally formulates a reform idea that reconciles the post-pandemic macroeconomic context with exis...

The question of whether the international monetary and financial system is, or should be, moving toward a more ’multipolar’ character has received much attention in recent years. The euro is the second most important global currency, and the euro area’s economic weight lays a solid foundation fo...

This paper showcases the Greek 2017 liability management exercise as an example of a successful voluntary debt restructuring by a sovereign with active participation from both public and private sector creditors. The exercise, one of the largest in financial history, saw Greece restructure some ...

This article seeks to explain the main aspects of the reform of the European Stability Mechanism, as agreed in principle by the leaders of the euro area member states. The article focuses particularly on the ESM’s new mandate to act as the common backstop to the Single Resolution Fund, the refor...

This background study assesses the impact of budgetary and market reforms from the start of the Greek financial assistance programmes, identifying key driving factors and drawing lessons from the Greek adjustment programmes. It assesses the economic and social impact of structural reforms based ...