Budget and Finance

Budgeting and taxation are key instruments for implementing government policies. Budgeting and taxation are key tools for regulating economic conditions. In fact, they are often at the heart of debates, both in periods of growth and crisis. All the analyses of our contributing economists can be found below.

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Killer Chart: Why is gold increasing in global reserves?

This brief note aims to decipher a striking chart related to current economic events. At a time when gold is rapidly increasing in importance in global reserves, this Killer Chart examines this phenomenon and the increasingly widespread misconception that links this surge in gold to a loss of confidence in the US dollar (USD). Download

How the ECB implements its monetary policy: yesterday, today, and tomorrow (Note)

Summary: For a long time, the European Central Bank’s (ECB) monetary policy was based on steering the overnight interbank market rate (EONIA), which was kept at the center of a rate corridor, close to the main refinancing operations rate (REFI rate). The massive injections of liquidity implemented since 2008 have profoundly changed this framework, leading