Angelo Baglioni

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Baglioni Angelo
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Angelo Baglioni  is professor of Economics at Università Cattolica del Sacro Cuore, in Milan. He is also President of REF Ricerche. He is a member of the Editorial Board of lavoce.info. He is also Director of Osservatorio monetario. He is a member of the Scientific and Steering Committees of the Monetary Analysis Laboratory. He has been a member of the Banking Stakeholder Group of the European Banking Athority (2018 - 2020)

In the past (1988-1997), he was an economist in the Research Department of BCI (now Banca IntesaSanpaolo). His main research interests are in the fields of monetary policy, financial intermediation, and corporate governance.

Policy Brief - Implementing Monetary Policy With Excess Reserves, Fiscal Implications for the Euro Area
2024

This paper shows that the current operational framework of monetary policy relying on excess liquidity, together with a high level of interest rates, produces a remarkable redistribution of interest payments across the national central banks of the Eurosystem, due to the rules governing the pooling of monetary income among them. This mechanism implies significant fiscal transfers across the member countries of the euro area. Our estimates for 2023 show that their size can be in the order of several billion euro.