policy & blogs
Other contributions, policy notes, bulletins and blog posts
Dealers' costs of intermediation in fixed income markets: Empirical results for the euro area
SUERF Policy Brief, July 2025
French sovereign debt liquidity: main factors, recent developments and resilience during the Covid crisis
Banque de France Quarterly Bulletin, May 2023
How well have ECB rate hikes been transmitted to the money market?
Banque de France's Blog, November 2022
How did the Eurosystem's collateral strategy adapt to the Covid-19 crisis?
Banque de France Quarterly Bulletin, October 2022
A Tiering Rule to Balance the Impact of Negative Policy Rates on Banks
Finance Research Letter, September 2021
Negative interest rate policy makes excess liquidity costly to hold for banks and this may weaken the bank-based transmission of monetary policy. We design a rule-based tiering system for excess reserve remuneration that reduces the burden of negative rates on banks while ensuring that the central bank keeps control of interbank interest rates. Using euro-area data, we show that under the proposed tiering system, the aggregate cost of holding excess liquidity when the COVID-19 monetary stimulus fully unfolds would be more than 36% lower than that under the ECB's current system.
Crypto-assets and financial stability: are there any contagion risks?
Banque de France's Blog, November 2021
Do mandatory climate-related disclosures by financial institutions speed up fossil fuel divestment?
UN PRI Academic Blog, July 2021
Restarting asset purchases in the euro area: Lessons from €2 trillion of ECB purchases
VoxEU, September 2019
Eurosystem asset purchases and portfolio rebalancing in the euro area
Rue de la Banque no. 60, April 2018
No excessive risk in the quality of collateral pledged with the Eurosystem during the crisis
Banque de France's Blog, March 2018