Publications, Book Chapters, Policy Briefs, Working Papers and Reports


  • The European Central Bank in the COVID-19 crisis: whatever it takes, within its mandate, Bruegel Policy Contribution No 2020/09, 2020. Download here
  • Building a Euro-area Budget inside the EU budget: Squaring the Circle? In Alfredo De Feo and Brigid Laffan (eds.) The MFF and EU policies 2021-2027: The EU towards 2030, forthcoming, 2020. Download here.
  • The European Globalisation Adjustment Fund: Easing the Pain from Trade? With André Sapir. In Luigi Paganetto (ed.) Capitalism, Global Change and Sustainable Development, Springer, forthcoming, 2020. Download here
  • Facing the lower bound: What will the ECB do in the next recession? with A. Cameron and M. Demertzis. In F. Fernández Méndez de Andés (ed), The Euro in 2020, A Yearbook on the European Monetary Union , pp 118-144, 2020. Download here
  • How good is the European Commission’s Just Transition Fund proposal?, with Aliénor Cameron, Catarina Midões and Simone Tagliapietra, Bruegel Policy Contribution No 2010/04, prepared for the Regional Development Committee (REGI) of the European Parliament, 2020. Download here
  • Analysis of development in EU capital flows in the global context (6th edition), with M. Demertzis, M. Domínguez-Jiménez, K. Efstathiou and T. Linta. Report commissioned by the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), 2019. Download here
  • The next generation of digital currencies: in search of stability, with M. Demertzis, Bruegel Policy Contribution No 2019/15, prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2019. Download here
  • How to make the European Green Deal work, with S. Tagliapietra and G.Zachmann, Bruegel Policy Contribution No 2019/14, 2019. Download here
  • Challenges ahead for the European Central Bank: Navigating in the Dark, with M. Demertzis and F. Papadia, prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2019. Download here
  • Memo to the commissioner responsible for investment, with A. Lehmann. In M. Demertzis and G.B. Wolff (eds), Braver, greener, fairer: Memos to the EU leadership 2019-2024, Bruegel, pp 146-161, 2019. Download here
  • Preparing for Uncertainty: Memo to the new president of the European Central Bank, with M. Demertzis and F. Papadia. Bruegel Publication, 2019. Download here
  • Soaring House Prices in Major Cities: How to Spot and Moderate Them, with K. Efstathiou and D. Schoenmaker. In M. Lohuis, R. Nijskens, P. Hilbers and W. Heeringa (eds.), Hot Property – The Housing Market in Major Cities, Springer International Publishing, Cham, pp 169-179, 2019. Download here
  • Make Euro Area Sovereign Bonds Safe Again. In J. Pisani-Ferry and J. Zettelmeyer (eds.), Risk Sharing Plus Market Discipline: A New Paradigm for Euro Area Reform? A Debate, VoxEU book, CEPR Press, pp 91-96, 2019 . Download here
  • Analysis of development in EU capital flows in the global context (5th edition), with M. Demertzis, K. Efstathiou, I. Goncalves Raposo, D. Pichler and A. Lehmann. Report commissioned by the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), 2018. Download here
  • A monetary policy framework for the European Central Bank to deal with uncertainty, with M. Demertzis and J. Mazza, Bruegel Policy Contribution No 2018/21, prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2018. Download here
  • The distributional effects of climate policies, with G. Zachmann and G. Fredriksson. Bruegel Blueprint Series No 29. Download here
  • Should we care about central bank profits? with F. Chiacchio and F. Papadia, Bruegel Policy Contribution No 2018/13, 2018. Download here
  • Cryptocurrencies and Monetary Policy, with M. Demertzis and K. Efstathiou, Bruegel Policy Contribution No 2018/10, prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2018. Download here
  • The European Globalisation Adjustment Fund: Easing the Pain from Trade? with A. Sapir. Bruegel Policy Contribution No 2018/05, 2018. Download here
  • Vers la création d'un mécanisme de stabilisation pour la zone euro ? with G. Wolff. Revue Française de Finances Publiques, Vol. 141, pp 95-113, 2018. Download here
  • Analysis of development in EU capital flows in the global context (4th edition), with M. Demertzis, K. Efstathiou, I. Goncalves-Raposo, P. Hüttl and A. Lehmann. Report commissioned by the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), 2017. Download here
  • How should the ECB 'normalise' its monetary policy? with M. Demertzis. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2017/31, 2017. Download here
  • The missing pieces of the Euro architecture. Bruegel Policy Contribution No 2017/28, 2017. Download here
  • Spotting Excessive Regional House Price Growth and What to do About It? with K. Efstathiou and D. Schoenmaker, Bruegel Policy Contribution No 2017/26, 2017. Download here
  • How to Build a Resilient Monetary Union? Lessons from the Euro Crisis. ADBI Working Paper 778. Tokyo: Asian Development Bank Institute, 2017. Download here
  • Is the recent increase in long-term interest rates a threat to euro-area recovery? with K. Efstathiou. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2017/14, 2017. Download here
  • A New Liquidity Risk Measure for the Chilean Banking Sector, with S. Becerra and J.-F. Martínez, Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 19(3), pages 026-067, December, 2016. Download here
  • Quelle place pour les marchés financiers en Europe ? Revue d'Économie Financière, vol. 123, pp. 124-145, 2016. Download here
  • Low long-term rates: bond bubble or symptom of secular stagnation? Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2016/16, 2016. Download here
  • A Proposal to Revive the European Fiscal Framework, with Z. Darvas and A. Leandro. Bruegel Policy Contribution No 2016/07, 2016. Download here
  • The European Central Bank's Quantitative Easing Programme: Limits and Risks, with A. Leandro. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution Nà 2016/04, 2016. Download here
  • Is Globalisation Reducing the Ability of Central Banks to Control Inflation?, with G. Wolff. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2015/18, 2015. Download here
  • The Effects of Ultra-loose Monetary Policy on Inequality, with Z. Darvas, A. Leandro and T. Walsh. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2015/09, 2015. Download here
  • The Financial Stability Risks of Ultra-loose Monetary Policy, with Z. Darvas. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2015/03, 2015. Download here
  • European Central Bank Quantitative Easing: the Detailed Manual, with A. Leandro, and A. Mandra. Bruegel Policy Contribution No 2015/02, 2015. Download here
  • Benefits and Drawbacks of European Unemployment Insurance, with Z. Darvas, and G. Wolff. Bruegel Policy Brief No 2014/06, prepared for Informal ECOFIN in Milan on 13 September, 2014. Download here
  • The (Not So) Unconventional Monetary Policy of the European Central Bank since 2008. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2014. Download here
  • Addressing weak inflation: the ECB’s shopping list, with Z. Darvas, S. Merler and G. Wolff. Bruegel Policy Contribution No 2014/05, 2014. Download here
  • Enfrentándose a la baja inflación : las opciones del BCE, with Z. Darvas, S. Merler and G. Wolff. In Javier Vallés Liberal, La política monetaria tras la Gran Recesión, Papeles de economía española, vol. 140, pages 199-221, June, 2014. Download here
  • ECB Accountability: How the Monetary Dialogue Could Evolve, with M. Hallerberg and O. Tschekassin. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2015/04, 2014. Download here
  • Bond Auctions and Financial Sector Liquidity Risk, with K.-C. Papioti. Download here (as the first chapter of my PhD Thesis)
  • Risk-sharing through Financial Intermediaries and Markets: an Intergenerational Perspective. Download here (as the second chapter of my PhD Thesis)
  • Twin Crisis, Sudden Stop and the Exchange Rate Regime. Download here (as the third chapter of my PhD Thesis)