Global governance

Jon Danielsson, 02 March 2015

This column introduces a new Vox eBook collecting some of the best Vox columns on financial regulations, starting with the fundamentals of financial regulations, moving on to bank capital and the Basel regulations, and finishing with the wider considerations of the regulatory agenda and the political dimension. Collecting columns from over the past six years, this eBook maps the evolution of leading thought on banking regulation.

Charles A.E. Goodhart, 02 March 2015

Following the Warsh Review, the recording, number, and timing of the Bank of England’s Monetary Policy Committee meetings will change. This column argues that the recording may make the decision meeting more formal and could inhibit debate, although the eight-year gap before publishing transcripts ameliorates this concern. Having fewer MPC meetings is a good thing, and reduces ‘noise’ around monetary policy. The revised meeting schedule will not add to transparency and raises the risk of leaks and ‘news shocks’.

Charles Wyplosz, 02 March 2015

The ECB has finally begun releasing the minutes of its policymaking meetings, something the world's major central banks have been doing since the 1990s. This column asks whether the publication of these minutes increases ECB transparency. While providing useful information on analysis at the ECB, the minutes lack the details on the actual discussions and the voting behaviour of committee members that the minutes of the Fed, the Bank of England and the Bank of Japan provide. They thus constitute just the first step, albeit a very welcome one, towards ECB transparency.

Carlo Cottarelli, 02 March 2015

The European Commission has clarified the flexibility in existing Eurozone fiscal rules. This column argues that the emphasis on structural rather than headline deficits is desirable but requires identification of potential growth rates. The way the Commission currently estimates potential output yields potential growth estimates that are very low. Thus, a year of modest expected growth like 2015 may be treated as a year of economic boom that requires faster than normal fiscal adjustments.

Giuseppe Bertola, Anna Lo Prete, 28 February 2015

The large international imbalances accumulated in the Eurozone have proven difficult to unwind during the recent Crisis. This column argues that market reforms had a role in generating current account imbalances, and that patterns of relative labour market regulation could be equally important in the aftermath of the Crisis.

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