“Banks’ IT adoption and lending during the pandemic”. The COVID-19 pandemic increased the pace of change in clients’ relationships with the banking sector, with mobility restrictions forcing banks to make better use of information technology (IT) to accommodate the increasing demand for digital financial services. This column analyses the role of IT adoption in bank lending since the outbreak of the pandemic.

“The future is today“. Credit rating agencies’ ‘long-term’ sovereign ratings supposedly reflect credit risk up to ten years. But the biggest risks on the horizon to sovereign solvency, such as climate and demographic change, are not cyclical. They are structural. And they are long-term.

“IMF loans and offshore financial flows“. Recent research suggests that World Bank aid disbursements are associated with outflows from recipient countries to offshore financial centres, indicating elite capture of aid. This column uses 25 years of data to examine whether the same is true for IMF lending.

“How much investment do we need to reach net zero?“. The size and scope of investments needed to reach net zero will have significant macroeconomic implications.

 “Europe shouldn’t worry about Inflation“. The fear of inflation is stalking Europe again. Policymakers are right to be relaxed.

 “Fiscal-monetary crosswinds in the euro area: Conventional and unconventional shocks“. Monetary policy has fiscal implications since its effect on interest rates, inflation and output relaxes or tightens the general government inter-temporal budget constraint. This column discusses estimates of the fiscal responses to monetary policy in the euro area.

 “Will European Union recovery spending be enough to fill digital investment gaps?“. The recovery facility will boost digital transformation, but questions remain whether it will be sufficient to achieve Europe’s digital ambitions.