Tax Expenditures: Time to Clean House
François Ecalle,
Patrick Lenain and
Agustin Redonda | 27 October 2025
Fiscal,
Commentary | Tags:
France,
GTED,
Tax Expenditures
The state of France’s public finances is worrying. The public deficit has rarely been so high outside periods of crisis, and public debt has reached record levels. Stabilising it will require a substantial adjustment—on the order of €120 billion to €150 billion.
... continue reading
Unlocking Doors to Better Homes: Smarter Borrower Limits for Housing Upgrades Across Europe
Reiner Martin and
Pierre Monnin | 15 October 2025
Monetary,
Blog | Tags:
Credit Risk,
Energy,
Financial Stability,
Housing,
Macroprudential Policy
Upgrading the energy efficiency of Europe’s homes is a cornerstone of the European Union’s strategy to achieve climate neutrality. Buildings account for about a third of the EU’s energy-related greenhouse gas emissions, making them one of the largest contributors to climate change.
... continue reading
Central Banks Must Guide Asean+3 Through Age of Novel Risks
Julia Bingler and
Aziz Durrani | 14 October 2025
Monetary,
Commentary | Tags:
ASEAN+3,
Central Banks,
Climate Risks,
Macroprudential Policy
The prosperity of Asean+3 economies – the 10 South-east Asian nations plus China (including Hong Kong), Japan and South Korea – hinges on whether policymakers, central banks and financial supervisors can navigate an increasingly complex landscape of novel risks.
... continue reading
Beyond Data: A Macroprudential Policy to Break the Tragedy of the Horizon
Pierre Monnin | 10 October 2025
Monetary,
Commentary | Tags:
Central Banks,
Climate Risks,
Financial Supervisors,
Macroprudential Policy
Ten years ago, in his speech ‘Breaking the Tragedy of the Horizon’, Mark Carney, then Governor of the Bank of England – and now Prime Minister of Canada – issued a warning: climate change is ‘imposing a cost on future generations that the current generation
... continue reading
Tax Expenditures Country Report: Colombia
Liliana Heredia-Rodríguez,
Mauricio Salazar-Sáenz and
Gabriel Millán-Arias | 25 September 2025
Fiscal,
Discussion Notes | Tags:
Colombia,
GTED,
GTETI,
Tax Expenditures
The Colombian tax system is complex, due in part to the numerous special exemptions, exclusions and deductions inherent in the regulatory framework. This complicates matters in terms of tax compliance, oversight and auditing.
... continue reading
Monetary Policy Reloaded. Towards a New Growth Path in China
Isabelle Jiani Zheng | 19 September 2025
Monetary,
Blog | Tags:
Central Banks,
China,
Economic Growth,
Financial Inclusion
In recent months, the People’s Bank of China (PBOC) unveiled a comprehensive series of monetary policy measures and guidance that combines general easing and targeted support mechanisms.
... continue reading
Tax Expenditures Country Report: United Kingdom
Adrian Sinfield | 17 September 2025
Fiscal,
Discussion Notes | Tags:
GTED,
GTETI,
Tax Expenditures,
United Kingdom
Tax expenditures in the United Kingdom result in a considerable release of fiscal resources by central government, little known and off-budget. The official estimated cost comes to 7.6 per cent of GDP in 2023-24, equivalent to a quarter of total tax revenue collected
... continue reading
From Risk to Resilience. Closing the Climate Insurance Protection Gap
Jérôme Crugnola-Humbert | 8 September 2025
Monetary,
Policy Briefs | Tags:
Climate Risks,
Financial Stability,
Inequality,
Insurance
When insurers stop covering climate risks, these risks are transferred onto individuals, businesses, and taxpayers. Insufficient insurance coverage not only undermines the financial system’s ability to absorb shocks but also has wider economic, fiscal, and social repercussions.
... continue reading
A Macroprudential Approach to Compound Climate Risks
Paul Hiebert and
Pierre Monnin | 5 September 2025
Monetary,
Policy Briefs | Tags:
Climate Risks,
Financial Stability,
Macroprudential Policy,
Systemic Risks
Macroprudential authorities can make an integral contribution to a more resilient financial system capable of withstanding the evolving challenges posed by climate change, economic shocks and their complex interplay.
... continue reading
Addressing Novel Risks, Strengthening Finance, and Building Resilience in ASEAN+3
Julia Bingler and
Aziz Durrani | 1 September 2025
Monetary,
Policy Briefs | Tags:
ASEAN+3,
Central Banks,
Climate Risks,
Financial Regulation,
Financial Supervision
Welfare and economic growth in ASEAN+3 depend on the region’s ability to align economic priorities and the effective management of novel risks with the need to address structural challenges, associated transformations and the ability to harness future opportunities.
... continue reading