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The Last Mile of Disinflation Might not be that Difficult

Inflation rates in the euro area and US increased sharply in 2022, in part following large energy price shocks. This column analyses the pass-through from energy prices to core inflation since the 1970s for the US and Germany. It shows that this pass...

Fernandez-Fuertes Ruben

Ruben Fernandez-Fuertes

Rubén Fernández-Fuertes, a doctoral candidate in Finance at Bocconi University, has an academic background enriched by a Bachelor of Science in Mathematics from Universidad Autónoma de Madrid, and a Master of Science in Mathematical Finance from the University of Manchester. As of 2023, his research endeavors are distinct and diverse, covering monetary policy, macro-finance, and green decentralized finance (DeFi).

Policy Brief n.6 - Are Central Banks behind the curve (again)?

There is no doubt that monetary policy reacted late to the rising inflationary pressures experienced in 2021-22. The major central banks subsequently caught up rapidly and hiked interest rates at an unprecedented pace. However, as inflation reached i...

Europeans Deserve Better

The way the EU Commission and governments envisage launching future enlargements without strengthening the EU in parallel could have negative consequences for all Europeans, in the EU and in candidate countries.

The Global Race to Regulate AI: Biden’s Executive Order Spillover Effects on the EU AI Act

On October 30, 2023, the Biden Administration issued the Safe, Secure and Trustworthy Development and Use of Artificial Intelligence Executive Order 14110, which marks a key development in the global race to regulate AI

The ECB and the TPI: How to Measure the Fragmentation Risk in the Eurozone Sovereign Bond Market

We use the pricing mechanism of perpetual loans by our proposed European Debt Agency to determine a dynamic yield corridor that captures idiosyncratic risk and filters liquidity risk.

How Differentiated Integration Can Help the EU to Survive the Next Enlargement

The EU should be ready to offer candidate countries at least participation in the single market, partial access to the EU's budget, and observer status in EU institutions by 2030.

Measuring Term Premia for the Euro Area - Updated Version

The dynamics of nominal government bond yields at different maturities play a central role in shaping the response of the real economy to monetary and fiscal policy interventions. Yields can be decomposed into two unobservable components: the sequenc...

Rivera Alessandro

Alessandro Rivera

Alessandro Rivera, from 2018 to 2023, was Director General of the Department of the Treasury. In this capacity, he represented Italy in working groups and committees established by leading international financial organizations.

In particular, he was the Deputy of the Minister of Economy and Finance in the G7, G20, and IMF meetings; member and Vice President of the Economic and Financial Committee and member of the Euro Working Group of the European Union; member of the Board of Directors of the European Stability Mechanism. He chaired the Sub-Committee of the Economic and Financial Committee on IMF-related matters.

From 2008 to 2018, he was Director of the Treasury's Directorate for the Banking and Financial System.

From 2000 to 2008, he was Head of various Offices within the Treasury's Directorate for the Banking and Financial System.

He represented Italy in various working groups and committees, dealing with policy and regulation of the financial sector, and was a member of several boards of directors.

Ferrera Maurizio

Maurizio Ferrera

Maurizio Ferrera is Professor of Political Science at the Department of Social and Political Sciences of the University of Milano, as well as founder and President of NASP (Network for the Advancement of Social and Political Sciences), a consortium for doctoral training schools. He holds a Ph.D. in Political Science from the European University Institute, where he later returned as Visiting Schuman Professor and as Director of the European Forum. He currently sits in the Scientific Committee of the Centre d’Etudes Europeennes at Sciences Po, in the Committee of the Skytte Prize in Political Science (Upssala University) and is a corresponding member of the Istituto Lombardo di Scienze e Lettere. In 2021 the International Political Science Association awarded to Maurizio Ferrera the “Mattei Dogan” prize for High Achievement in Political Science.

Ferrera has mainly worked on welfare states and European integration. His latest book is Politics and Social Visions. Ideology, Conflict and Solidarity in the EU. Since 2004 he has been a columnist of Il Corriere della Sera.