Selected Policy Publications
Turbulent times: geopolitical risk and its impact on euro area financial stability with Daniel Dieckelmann, Chloe Larkou, Peter McQuade, Caterina Negri, Cosimo Pancaro and Denise Rößler, Financial Stability Review, Special Feature, pages 92-103, European Central Bank, May 2024.
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Press coverage: Politico
Non-bank financial intermediaries as providers of funding to euro area banks with Emanuele Francesci and Francesca Lenoci, Financial Stability Review, Box 4, pages 63-65, European Central Bank, May 2024.
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Sovereign bond markets and financial stability: examining the risk to absorption capacity with Pablo Anaya Longaric, Maciej Grodzicki, Allegra Pietsch, Pablo Serrano Ascandoni, Manuela Storz and Elisa Telesca, Financial Stability Review, Box 1, pages 21-24, European Central Bank, November 2023.
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Do global investment funds have a stabilising effect on euro area government bond markets? with Pablo Anaya Longaric, Katharina Cera and Georgios Georgiadis, Financial Stability Review, Box 3, pages 51-53, European Central Bank, May 2023.
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Key linkages between banks and the non-bank financial sector with Emanuele Franceschi, Maciej Grodzicki, Benedikt Kagerer, Francesca Lenoci, Luca Mingarelli, Cosimo Pancaro and Richard Senner, Financial Stability Review, Special Feature, pages 111-118, European Central Bank, May 2023.
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Press coverage: Financial Times; Euro Intelligence
Insurers’ balance sheets amid rising interest rates: transmission and risk-taking with Jaime Leyva and Manuela Storz, Financial Stability Review, Box 4, pages 79-81, European Central Bank, November 2022.
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Non-bank financial intermediation in the euro area: implications for monetary policy transmission and key vulnerabilities, Work stream on non-bank financial intermediation, ECB Occasional Paper No. 270, September 2021.
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Investment funds’ procyclical selling and cash hoarding: a case for strengthening regulation from a macroprudential perspective with Katharina Cera, Linda Fache Rousová, Angelica Ghiselli and Sean O’Sullivan, Financial Stability Review, Box 6, pages 88-90, European Central Bank, May 2021.
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Investment fund flows, risk-taking and monetary policy with Margherita Giuzio, Ellen Ryan and Lorenzo Cappiello, Financial Stability Review, Box 4, pages 74-77, European Central Bank, May 2021.
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A regulatory and financial stability perspective on global stablecoins with Mitsutoshi Adachi, Matteo Cominetta and Anton van der Kraaij, Macroprudential Bulletin, vol. 10, European Central Bank, May 2020.
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Press coverage: Financial Times; Politico
The role of investment funds in cross-border capital flows with Steven Dodkins, Tom Fong, Max Gehrend and Tania Romero, Global Monitoring Report on Non-Bank Financial Intermediation 2019, pages 79-83, Financial Stability Board, January 2020.
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Investment funds and the transmission of the global financial cycle to the euro area, Financial Stability Review, Box 6, pages 80-82, European Central Bank, November 2019.
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The Eurosystem’s asset purchase programme, risk-taking and portfolio rebalancing with Lena Boneva, Margherita Giuzio and Daniel Kapp, Financial Stability Review, Box 8, pages 101-104, European Central Bank, May 2019.
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