Economic bulletin boxes
TLTRO III Phase-Out and Bank Lending Conditions — ECB Economic Bulletin, Box 8/2025, with Francesca Barbiero and Franziska Maruhn. The box analyses how the accelerated repayment of TLTRO III — over €2 trillion repaid in just over two years — tightened bank lending conditions and reinforced the transmission of higher policy rates.
Strategy Review 2024–2025
Report on Monetary Policy Tools, Strategy and Communication — ECB Occasional Paper No. 372, 2025. Contribution to Workstream 2 of the 2025 Eurosystem strategy assessment, evaluating the effectiveness and side effects of the ECB's toolkit during the pandemic easing cycle and the post-pandemic inflation surge. Team lead for the sub stream on side effects of monetary policy tools on banks and non-bank financial institutions (NBFIs).
Strategy Review 2020–2021
Climate Change and Monetary Policy in the Euro Area — ECB Occasional Paper No. 271, September 2021. Contribution to the Eurosystem workstream on climate change, analysing the macroeconomic and financial risks stemming from climate change and transition policies, and their implications for the conduct of monetary policy in the euro area.
Employment and the Conduct of Monetary Policy in the Euro Area — ECB Occasional Paper No. 275, September 2021. Contribution to the Eurosystem workstream on employment, examining the role of the EU's full employment objective in monetary policy, the heterogeneity of labour market outcomes, and the implications of a flat Phillips curve for the ECB's strategy.
Books & non-peer reviewed articles
Modern Monetary Analysis — CEPR Discussion Paper DP20182 (April 2025), with Ramon Adalid, Andrew Hannon, Philip Lane, and Sofia Velasco.
The role of monetary analysis at the ECB has evolved over the past several decades, expanding from a narrow focus on the quantity of money towards a comprehensive assessment of monetary policy transmission and the credit creation process. This natural evolution was driven by the vulnerabilities of the transmission mechanism unveiled by the global financial crisis and the sovereign debt crisis, along with the need to better understand the new transmission channels set in motion by unconventional monetary policy. The move has also been facilitated by the increased availability of granular data and a parallel expansion in computation capacity. For these reasons, monetary analysis plays a central role at a central bank like the ECB which, as part of a data-dependent approach, has monetary policy transmission as a key element of its reaction function. We illustrate this role by discussing how monetary analysis contributed to the assessment of financing conditions during the pandemic, how it informed the diagnosis of the 2021-2022 surges in inflation, and how it contributed to the calibration of the tightening cycle. Finally, we explore some of the challenges that monetary analysis may face in the years to come.
Which future for the euro and the economic and monetary union after the european elections? - Contributions of the Lecturers at the European Monetary and Economic Law (EMEL) - Jean Monnet Conference, held on 24th May 2019 at the University of Milan, Italy, Chapter “The Euro: A Single and Independent Monetary Policy for a Common Currency” (joint with G. Ferrero)
Impatto della transizione energetica sull’inflazione (in italian) - Rivista Energia, ENERGIA 4.24 (pp. 60–64), Article for the Italian divulgative journal Rivista Energia on the impact of a carbon tax on inflation. The piece is based on research co-authored with Valerio Nispi Landi and published in the IMF Economic Review.