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Fragmentation Risk: What Is It and Should the ECB Care?

open access: yesEconomic Notes, Volume 55, Issue 2, July 2026.
ABSTRACT In 2022, the ECB introduced a new policy tool, the Transmission Protection Instrument, to reduce the risk of financial fragmentation in the euro area, following the normalization of monetary policy. This paper aims to clarify what is meant by fragmentation risk, where it comes from, how it affects the real economy and what can be done about it.
Ivo J. M. Arnold
wiley   +1 more source

What Are Asset Price Bubbles? A Survey on Definitions of Financial Bubbles

open access: yesJournal of Economic Surveys, Volume 40, Issue 3, Page 1572-1592, July 2026.
ABSTRACT Financial bubbles and crashes have repeatedly caused economic turmoil notably but not just during the 2008 financial crisis. However, both in the popular press as well as scientific publications, the meaning of bubble is sometimes unspecified.
Michael Heinrich Baumann   +1 more
wiley   +1 more source

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