DNBPaper
ESG disclosure improves funding terms despite regulatory costs
A systematic review of 99 European studies by De Nederlandsche Bank finds that ESG disclosures generally improve access to capital and lower borrowing costs.
AI Paper Curation
BDFPaper
Structural offsets keep euro area rate transmission uniform
A Banque de France study of the eleven founding euro area members from 2000 to 2025 finds that monetary policy transmission is more homogeneous across countries than widely assumed, as national structural differences largely offset one another.
BOEPaper
Optimal reserve supply caps at 15 percent of bank assets
A Bank of England working paper by William Pagel finds that the optimal long-run central bank balance sheet supplies reserves up to demand satiation at roughly 15 percent of banking assets.
BOEPaper
Rate shock pushes UK borrowers toward costly two-year mortgages
Following the September 2022 mini-budget rate shock, UK households shifted toward more expensive two-year fixed mortgages over five-year deals, a Bank of England study finds.
BOEPaper
Small firms raise prices while large firms absorb energy shocks
A Bank of England study finds that energy-intensive UK firms coped with the 2021–2023 price shock by raising prices, building cash reserves, and expanding homeworking.
DNBPaper
BDIPaper
Jubilee tourists spent 1.6 billion euros in Italy during 2025
Nearly 1.4 million international travelers visited Italy in 2025 specifically for the Jubilee, spending 1.6 billion euros.
BDFPaper
French SME repayment capacity weakens as turnover growth stalls
French small and intermediate enterprises faced deteriorating credit repayment capacity in 2025 despite solid profit shares and stable cash reserves, according to Banque de France tax data.
BISPaper
Stablecoin reserves stay exposed to risk taken elsewhere
A Financial Stability Institute study of stablecoin regimes across the EU, Hong Kong, Singapore, the UK, and the US shows that activity limits apply only to issuing entities, leaving non-bank groups exposed to contagion risks.
RIKSBANKPaper
Fiscal and monetary policy aligned from 2006 to 2025
Swedish fiscal and monetary policy largely pulled in the same direction between 2006 and 2025, according to a Riksbank study co-authored by Deputy Governor Anna Seim.
CBRPaper
Skill frictions deepen post-shock GDP losses by 3 percent
A Bank of Russia working paper finds that incorporating skill loss during unemployment into macroeconomic models generates persistent output scars.
BDFPaper
Transmission protection drives 80 percent of ECB policy events
A Banque de France study identifies transmission protection as an active policy dimension in over 80 percent of ECB meetings since 2010.