Policy and outreach
As Scientific Director of SAFE I lead the institute’s policy work on European banking and capital markets, through the SAFE Policy Center.
Policy publications
- Les banques de l’Union européenne: efficientes aujourd’hui, décotées demainwith Jan Pieter Krahnen · Revue d’économie financière, No. 163, forthcoming
- Completing Capital Markets Union and Banking Union in the digital agewith Loriana Pelizzon and Claudia Schaffranka · CEPR Europe 2050 Paper, CEPR Press (2026). Commissioned by the CEPR Europe 2050 initiative.
- SREP, P2R, and ‘slow-burning’ risks to EU bankswith Rui Almeida, Rainer Haselmann and Tobias Tröger · forthcoming (2026). Prepared for the European Parliament (EGOV).
- Wie evidenzbasierte Politikberatung in Krisenzeiten trotz unvollständiger Daten gelingtwith Vincent R. Lindner and Claudia Schaffranka · SAFE Policy Letter No. 118 (2026)
- Europe’s missing safe assetwith Tatiana Farina · The Economists’ Voice, 23, 159–165 (2026)
- The financial architecture of stablecoins: A primerwith Tatiana Farina, Günter Franke, Jan Pieter Krahnen and Marti Subrahmanyam · SAFE White Paper No. 118 (2026)
- The impact of geopolitical risks on the resilience of banks in the Banking Unionwith Rainer Haselmann, Luis Enrique Kaiser, Jonas Schlegel and Tobias Tröger · SAFE White Paper No. 115 (2025). Prepared for the European Parliament (EGOV).
- How have European banks developed along different dimensions of international competitiveness?with Jan Pieter Krahnen, Loriana Pelizzon and Jonas Schlegel · SAFE White Paper No. 112 (2025). Prepared for the European Parliament (EGOV).
- Europäische Finanzintegration: Deutschlands Verantwortung und die Notwendigkeit zu handelnwith Vincent R. Lindner, Loriana Pelizzon and Tobias Tröger · SAFE Policy Letter No. 108 (2025)
- Key challenges for monetary policywith Rainer Haselmann, Loriana Pelizzon and Michael Weber · SAFE Policy Letter No. 106 (2025)
- Sicherer durch Schulden: Safe Assets und die vergessene Dimension der Schuldenbremsewith Jonas Schlegel · SAFE Policy Letter No. 105 (2024)
- Can Banking Union foster market integration, and what lessons does that hold for capital markets union?with Ignazio Angeloni, Rainer Haselmann, Loriana Pelizzon, Jonas Schlegel and Tobias Tröger · SAFE White Paper No. 107 (2024). Prepared for the European Parliament (EGOV).
- The geopolitical case for CMU and two different pathways toward capital market integrationwith Jan Pieter Krahnen, Katja Langenbucher, Vincent R. Lindner, Jonas Schlegel and Tobias Tröger · SAFE White Paper No. 102 (2024)
- Overly reliant on central bank funding? Consequences of exiting TLTROwith Jonas Schlegel · SAFE White Paper No. 101 (2024). Prepared for the European Parliament (EGOV).
- European lessons from Silicon Valley Bank resolution: A plea for a comprehensive demand deposit protection schemewith Jan Pieter Krahnen, Loriana Pelizzon, Jonas Schlegel and Tobias Tröger · SAFE Policy Letter No. 98 (2023)
- Do ‘white knights’ make excessive profits in bank resolution?with Jonas Schlegel, Tobias Tröger and Mark Wahrenburg · SAFE White Paper No. 98 (2023). Prepared for the European Parliament (EGOV).
- Die Notwendigkeit einer Absicherung aller Sichteinlagen: Der Fall der Silicon Valley Bank und Lehren für Europawith Jan Pieter Krahnen, Loriana Pelizzon, Jonas Schlegel and Tobias Tröger · Vierteljahrshefte zur Wirtschaftsforschung, 92(3), 51–60 (2023)
Commentary
- Germany holds the key to Europe’s financial future — will it act?SAFE Finance Blog, 20 March 2025. Also in German.
- Safer with debt: How Germany’s new debt policy can strengthen EuropeSAFE Finance Blog, 6 March 2025. Also in German.
- UniCredit and Commerzbank: A pan-European banking revolution in the making?SAFE Finance Blog, 11 October 2024. Also in German.
- SVB’s collapse revisited: The cost of time pressureSAFE Finance Blog, 14 March 2024. Also in German.
- The EU banking package on the verge of being put to the testSAFE Finance Blog, 7 September 2023. Also in German.
- Bank lending under negative policy rateswith Farzad Saidi and Glenn Schepens · VoxEU, 17 December 2019
Other writing
- Monetary policy, low interest rates, and risk takingwith Agnese Leonello · ECB Working Paper No. 2593 (2021)
- The role of financial stability considerations in monetary policy and the interaction with macroprudential policy in the euro areaCoordinator · ECB Occasional Paper No. 272 (2021), part of the ECB’s monetary policy strategy review
- On collateral: Implications for financial stability and monetary policywith Stefano Corradin and Marie Hoerova · ECB Working Paper No. 2107 (2017)
- An incentive theory of counterparty risk, margins, and CCP designin D. Evanoff et al. (eds), Achieving Financial Stability, Federal Reserve Bank of Chicago (2017)
- Ensuring the transmission of the policy signal: A review of the ECB’s monetary policy from 2007 to 2013with Peter Praet and Philippine Cour-Thimann · in J. Valles (ed.), Monetary Policy after the Great Recession, Funcas Studies (2014)
- Incentive compatible centralised clearingwith Bruno Biais and Marie Hoerova · Banque de France, Financial Stability Review No. 17 (2013)
- The role of financial markets and innovation for productivity and growth in Europewith Philipp Hartmann, Marco Lo Duca and Elias Papaioannou · in X. Freixas, P. Hartmann and C. Mayer (eds), Handbook of European Financial Markets and Institutions, Oxford University Press (2008)