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Successful central banks can afford to pay scant attention to money

National policies are the best protection against euro-area financial fragmentation risks

An analysis of German-Italian spreads under five Italian governments shows that the gap was biggest when Italian policies worried markets most.

COVID-19 in the European Union: health impacts and effects on economic activity

What matters when it comes to managing the pandemic is to prevent intensive-care admissions and deaths arising from COVID-19.

Does money growth tell us anything about inflation?

The view of one of the authors of this paper about the relationship between money and inflation can be summarised in two anecdotes.