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This paper outlines the main operating framework of a Debt Agency (DA) for the management of the Eurozone sovereign debts. The framework leverages on the potential irredeemable nature of sovereign debts in order to build a common bond. Structurally filtering liquidity risk, the DA can price the Member States' installments by referring only to their fundamental risk. The common bond issued by the DA then avoids mutualisation by design, hence it can be directly bought by the ECB. Thanks to its structural intertemporal sustainability, the DA framework sketched here can serve as a benchmark for institutional and political decisions.

Hosted jointly by the 100WF London Committees Some observers say the Covid-19 pandemic and its policy responses call capitalism into question. Should taxpayers bail out firms that paid little in taxes, yet whose shareholders received large dividends? Who will pick up the public debt tab? Many believe capitalism and globalisation have failed to distribute wealth efficiently. Income and wealth distribution have become increasingly polarized. Are free-market capitalism and the debt-based financial system sustainable? These complex issues form the heart of a discussion on the future of markets, monetary policy and how to fix our financial system. Alberto Gallo, Head of Macro Strategies and Portfolio Manager at Algebris Investments, will describe his perspective in a fireside chat with Katie Martin, Markets Editor, The Financial Times. Bring your questions for the Q&A session, or you can send your questions in advance to philon@100women.org by Sunday, May 10, 2020. RSVP...

Hosted jointly by the 100WF London Committees Some observers say the Covid-19 pandemic and its policy responses call capitalism into question. Should taxpayers bail out firms that paid little in taxes, yet whose shareholders received large dividends? Who will pick up the public debt tab? Many believe capitalism and globalisation have failed to distribute wealth efficiently. Income and wealth distribution have become increasingly polarized. Are free-market capitalism and the debt-based financial system sustainable? These complex issues form the heart of a discussion on the future of markets, monetary policy and how to fix our financial system. Alberto Gallo, Head of Macro Strategies and Portfolio Manager at Algebris Investments, will describe his perspective in a fireside chat with Katie Martin, Markets Editor, The Financial Times. Bring your questions for the Q&A session, or you can send your questions in advance to philon@100women.org by Sunday, May 10, 2020. RSVP...

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I asked myself what sort of message I want to give to you; I wouldn’t use the word “sell”, but actually I think the best thing I could do, is to give you a candid assessment of how we view the euro situation from Frankfurt.

And the first thing that came to mind was something that people said many years ago and then stopped saying it: The euro is like a bumblebee. This is a mystery of nature because it shouldn’t fly but instead it does. So the euro was a bumblebee that flew very well for several years. And now – and I think people ask “how come?” – probably there was something in the atmosphere, in the air, that made the bumblebee fly. Now something must have changed in the air, and we know what after the financial crisis. The bumblebee would have to graduate to a real bee. And that’s what it’s doing.

The first message I would like to send, is that the euro is much, much stronger, the euro area is much, much stronger than people acknowledge today. Not...

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The Federal Reserve on Thursday took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.

"Our country's highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus," said Federal Reserve Board Chair Jerome H. Powell. "The Fed's role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible."

The Federal Reserve's role is guided by its mandate from Congress to promote maximum employment and stable prices, along with its responsibilities to promote the stability of the financial system. In support of these goals, the Federal Reserve is using...