Ignazio Angeloni

The Milan investigation into the MPS–Mediobanca affair raises hard questions about market discipline, state conduct and Europe’s financial future. A commentary by Ignazio Angeloni

The bankruptcy of a little-known US car parts company exposes the risks created by years of easy money, weak oversight, and renewed deregulation. A commentary by Ignazio Angeloni

The euro–dollar exchange rate has returned to its 1999 debut level as Trump’s policies unsettle markets and reopen questions about the balance of power between the two currencies. A commentary by Ignazio Angeloni

The fall in the BTP–Bund spread says more about Berlin’s fiscal drift than Rome’s newfound virtue. A commentary by Ignazio Angeloni

Rome has long been better at divisions than mergers. Now, Italy’s newest banking giant must prove it has a credible plan — and the right people to execute it. A commentary by Ignazio Angeloni

As pressure on central banks grows, the Eurozone’s institution cannot avoid greater responsibility. A commentary by Ignazio Angeloni

Regulators now face a delicate balancing act: fostering innovation while preserving stability and public confidence—particularly in money as a store of value and a reliable medium of exchange. A commentary by Ignazio Angeloni

April’s US inflation data will offer the first glimpse of the real impact of the global trade war that the US administration launched on the “Liberation Day”. A commentary by Ignazio Angeloni

There are immediate liquidity problems, and then the choice between lowering inflation risk or supporting the economy. A commentary by Ignazio Angeloni

The administration’s emphasis on stablecoins risks eroding the Federal Reserve’s independence and could weaken the dollar’s global standing. A commentary by Ignazio Angeloni

After the 2008 financial crisis, the ECB's supervision restored the soundness of euro area banks. Now, it has the opportunity to build a banking sector of continental dimension. A commentary by Ignazio Angeloni.

The US President has halted plans for a central bank digital currency: a mere show of strength to undermine the Fed’s independence. A commentary by Ignazio Angeloni

The global financial system is at a crossroads of two related processes: post-crisis reform—the so-called Basel III—that is missing its final stage, and the new political course in the United States, where the incoming administration has declared war on all pre-existing rules.

Former U.S. Treasury Secretary Larry Summers has acknowledged that the neutral interest rate will be higher than previously expected. This shift carries significant implications for public finances.

The Uni­Credit-Com­merzbank deal is a test case for the ECB, which will rever­ber­ate into the future, and be a golden oppor­tun­ity for its super­vis­ory board to uphold its inde­pend­ence

The Fed and the ECB conducted monetary policy reviews in 2019-2020, when most of the above shocks were still in the making or yet to come. Both of them seem largely obsolete today, or at least incomplete. There is no appetite to restart them. 

A report  requested by the European Parliament's Committee on Economic and Monetary Affairs. By Ignazio Angeloni, and Cédric Tille

The main finding is that at the peak of the latest tightening cycle, the ECB monetary policy stance was no more restrictive than it was at the peak of the two preceding ones; actually, probably less. Report Co-ordinator Francesco Decarolis.

The intrinsic contradictions of Trump’s strategy will strike the United States where it is most vulnerable: inflation and employment. In the ensuing moves of this chess game, it is vital to project both strength and flexibility. A commentary by Ignazio Angeloni

Berlin’s pledge to do “whatever it takes” on military and infrastructure spending raises government bond yields across the continent. A commentary by Ignazio Angeloni

In a world where the number of smartphones is nearing that of people, and each device typically hosts two or three payment applications, the added value of X's new tool is limited

After revisiting the pros and cons, this paper concludes that, all in all, the rationale for introducing an ECB-sponsored digital euro for citizens, retailers, and producers, is not solidly established. Today’s highly dynamic, innovative, and efficient digital payment ecosystem does not require such an instrument, which would unavoidably duplicate existing applications and probably struggle to match private innovation.

This paper, prepared on a request by the European Parliament, contributes to a reflection aimed at identifying ways to revive and upgrade the banking union, so as to enable it to cope with the major transformational challenges facing Europe as we move forward in the 21^st century: Green, Digital, Geo-Strategic and Structural.