Author(s):Angelos Athanasopoulos, Nicolò Fraccaroli, Andreas Kern & Davide Romelli Date:July 25, 2025 Abstract: This paper studies the impact of central bank independence on sovereign borrowing, using an index that captures institutional constraints on central bank lending to the government across 155 countries from 1972 to 2023. The findings show that tighter lending to the executive[…]
VoxEU Columnby Falko Fecht & Linda S. Goldberg “The role of non-bank financial intermediaries in funding markets and financial crises has increased in recent decades. This column examines the rise of the sector and the roles these intermediaries play in liquidity shock transmission. The growth of the non-bank financial intermediation sector can be attributed to[…]
FAQby the ECB The FAQ answers questions on the introduction of a climate factor in the Eurosystem’s collateral framework which was announced by the ECB on 29 July 2025. The measure is designed to address financial risks related to climate change by protecting the Eurosystem against potential declines in the value of the collateral accepted[…]
ECB Data Blog Post by Milena Matteo, Antonio Rodríguez Caloca and Chiara Torri The ECB has released new data that provides additional insights on the characteristics of euro area cross-border portfolio investment positions in debt securities. The blog post focuses on the breakdowns by risk class, sustainability type, and currency of denomination. Link: ECB Data[…]