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Francesco Papadia and Leonardo Cadamuro

Articles by Francesco Papadia and Leonardo Cadamuro

Emergency Liquidity Assistance: A new lease of life or kiss of death?

May 28, 2021

Use of Emergency Liquidity Assistance to prop up euro-area banks needs to be more transparent; available evidence suggests its use has not always been within the rules.
The Eurosystem, headed by the European Central Bank (ECB), provides liquidity to banks, and through them to the entire economy, through five channels. One, the Marginal Lending Facility, has always been small and has practically disappeared since 2008, when the ECB greatly increased the size of its operations. Two of the other four channels, refinancing operations (Main Refinancing Operations, Longer Term Refinancing Operations, Targeted Longer Term Refinancing Operations) and various forms of quantitative easing (including the Expanded Asset Purchase Programme and the Pandemic Emergency Purchase Programme), are decided by

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Market versus policy Europeanisation: has an imbalance grown over time?

January 9, 2020

This Policy Contribution tests the hypothesis that an imbalance has grown in Europe over the last few decades because markets have integrated to a greater extent than European-level policymaking, potentially creating difficulties for the democratic process in managing the economy. This hypothesis has been put forward by several authors but not so far tested empirically.To evaluate the process of European market integration – or market Europeanisation – over the last few decades, we assess intra-European trade and intra-European capital flows.Useful comments were received from Emmanuel Mourlon-Druol, Guntram Wolff, Zsolt Darvas, Simone Tagliapietra, Grégory Claeys, Enrico Bergamini and Maria Demertzis.Our results show that, measured by our proxies, policy Europeanisation has developed more

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