“The ECB is compromising the attractiveness of euro-area sovereign bonds“. The ECB should refine its collateral framework in order to continue protecting its balance sheet without putting at risk the safe-asset status of sovereign bonds of the euro area.

 “Italian risk spreads: Fiscal versus redenomination risk“. Over the last few months, the risk premia on Italian government bonds have increased considerably. This column uses data on sovereign credit default swaps and governments bonds denominated in different currencies to disentangle fiscal risk from redenomination risk (i.e. the risk of Italy leaving the euro).

 “Italy’s capital flight: 2011, 2016, and early 2018“. International investors have been repositioning vis-à-vis Italy, after the new government took office in early May. The authors compare this summer turmoil to previous episodes of capital outflows.

 “Financial conditions and GDP growth-at-risk“. Loose financial conditions that increase GDP growth in the near-term may come with a tradeoff for higher risks to future economic growth, according to this paper. The authors study 11 advanced economies to develop a model of GDP growth-at-risk (GaR)—that is, expected growth in the lower tail of its distribution.

 “Finance and blockchains“. We are constantly bombarded by reports of how blockchain technology will change the world. This column describes the technology, the problem it is designed to solve, and the impact it might have on finance.

 “Export and patent specialization in low carbon technologies“. The low-carbon technology sector is going through a period of disruptive innovation and strongly increased investment, which is likely to continue. Global investment in new renewable power is the largest area of electricity spending.

 “UK’s no-deal Brexit plans warn of partial access to Horizon 2020“. Government note says crashing out with no deal could mean the UK loses access to European Research Council grants, Marie Sklodowska-Curie Actions and the SME instrument.

 “US-China trade war: What’s in it for Europe?“. To help evaluate whether the market response is warranted or exaggerated, the author measured the trade impact of additional import tariffs based on standard economic theory, namely two key parameters—the tariff pass-through rate and the price elasticity of demand.

 “Revisiting the cost of non-Europe“. This column revisits the gains EU members have reaped from trade integration since 1957 and what would be the costs of going backwards. The results suggest that the Single Market has increased trade between EU members by 109% on average for goods, with associated welfare gains reaching 4.4% for the average European country.

“A supervisory architecture fit for CMU: Aiming at a moving target?”. There are certainly many ways to look at the intersection between the Capital Markets Union (CMU) and current review of the European Supervisory Authorities (ESAs). The author in this commentary elaborates on some of the legal challenges that seem to be working against the adoption of the proposed reforms.

 “The macroeconomic implications of healthcare“. Health-care systems play a crucial role in supporting human health. They also have major macroeconomic implications, an aspect that is not always properly acknowledged. Using a standard method to measure efficiency the authors find significant differences between countries. This finding calls for policy responses.

 “Inequality and ordinary living standards in rich countries“. This column presents a set of country case studies of the US alongside nine other rich countries that highlights just how varied their experiences since the 1980s have actually been. Country contexts really matter, and policy responses must be framed in light of the institutional point of departure and distinctive challenges each country faces.