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A key factor that policy often overlooks is substitutability. Almost every raw material has substitutes. A combination of substitution and some stock piling would be sufficient to de-risk the supply of raw materials to a large extent.

The ratification of the modified ESM treaty by the Greek parliament took place easily, and smoothly, without the usual political tensions. The text was submitted to the plenary on the 28th of June 2021 and a week later, on July 6th, it was adopted by...

To understand the feasibility of further integration, we study the extent and evolution of cultural and policy views heterogeneity in Europe leveraging international survey data. We calculate the distribution of cultural and policy views distance bot...

The reduction in trade needed to achieve our climate ambitions would be out of reach. Border Carbon Adjustment is the way to go, but leakages remain sizeable.

Federal Reserve monetary policy has been more expansionary than the one predicted by the rule until the second quarter of 2022, then this tendency was reversed.  The evidence is very different for the case of the Euro area, where the observ...

The former managing director of the ESM discusses the long-term consequences of the Euro crisis and its aftermath.

The ongoing conversation among the European Union institutions that started when the Commission released its proposal also features a variety of views on which (and how many) authorities both at EU level and at Member State should lead the governance...

Even though European banks do have solid Basel ratios, their profitability is insufficient to make them attractive for investors. This suggests that – from the market’s perspective - the system may not be as sound and stable as regulators believe