Policy

Policy Work

The decrease in euro area net financial outflows in 2018: foreign direct investment retrenchment and portfolio investment slowdown, ECB Economic Bulletin Issue 4 / 2019, with Michael Fidora.

Euro-US dollar exposures in cross-border banking, The international role of the euro 2019, with Agustín Bénétrix.

The impact of global value chains on the euro area economy, ECB Occasional Paper No. 221, with the ECB Working Group on Global Value Chains.

International financial flows and the Eurosystem's asset purchase programme: evidence from b.o.p and security by security data (2019), BIS IFC Bulletin No. 49, with Katharina Bergant.

The geography of the euro area current account balance, ECB Economic Bulletin Issue 7 / 2018, with Michael Fidora.

Factors driving the recent improvement in the euro area’s international investment position, ECB Economic Bulletin Issue 3 / 2018, with Michael Fidora.

Cross-border banking in the euro area after the crisis: what is driving the great retrenchment?, ECB Financial Stability Review (November 2017), with Marcel Tirpák.

The Eurosystem’s asset purchase programme and TARGET balances (2017), ECB Occasional Paper No. 196, with Jens Eisenschmidt, Danielle Kedan, Ramón Adalid and Patrick Papsdorf.

The impact of global value chains on the macroeconomic analysis of the euro area, ECB Economic Bulletin Issue 8 / 2017, with Vanessa Gunnella and Michael Fidora.

Euro area exchange rate-based competitiveness indicators: a comparison of methodologies and empirical results (2013), BIS IFC Bulletin No. 36, with Bernadette Lauro.

Experimental effective exchange rates based on trade in services, presented at the CompNet workshop Paris 2012.