German Court decision: Legal authority and deep power implications

Katharina Pistor, 26 February 2014

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Can the European Central Bank legally act as lender of last resort to ensure the survival of the euro?

Topics: EU institutions
Tags: ECB, Eurozone reform

The unpleasant legacy of the crisis: public debt and low trend growth in the Eurozone

Nicholas Crafts interviewed by Viv Davies, 21 Jan 2014

Nicholas Crafts talks to Viv Davies about his recent work on the threatening issue of public debt in the Eurozone. Crafts maintains that the implicit fault line in the EZ is evident; several EZ economies face a long period of fiscal consolidation and low growth and that a different sort of central bank might be preferable. They also discuss the challenges and constraints of banking, fiscal and federal union. The interview was recorded in London on 17 January 2014.

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See Also

Crafts, N (2013b), “Saving the Euro: a Pyrrhic Victory?”, CAGE-Chatham House Policy Briefing Paper No. 11.

Transcript

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Topics: Economic history, Macroeconomic policy
Tags: debt monetisation, ECB, eurozone, financial repression, fiscal consolidation, gold standard, public debt

Single supervision and resolution rules: Is ECB independence at risk?

Donato Masciandaro, Francesco Passarelli, 21 December 2013

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A successful transition to a European Banking Union requires robust and credible ‘Chinese walls’ between the ECB’s role as monetary authority and any responsibility in the Single Supervisory Mechanism or in the resolution rules. Otherwise, the ECB’s independence would be at risk, given that monetary policy would likely have larger distributional effects.

Topics: EU institutions, Financial markets
Tags: bank resolution, banking regulation, banking union, central bank independence, Central Banks, ECB, global financial crisis

The Eurozone: If only it were the 1930s

Nicholas Crafts, 13 December 2013

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The 1930s deservedly have a bad name. It is hard to imagine that a decade that included the Great Depression and a major de-globalisation of the world economy, and culminated in WWII could be other than notorious. And yet, compared with struggling Eurozone economies today, the economic situation in Europe in the later 1930s was in many ways more promising.

Topics: Economic history, Macroeconomic policy
Tags: debt monetisation, ECB, eurozone, financial repression, fiscal consolidation, gold standard, public debt

Currency wars and the euro

Jens Nordvig, 25 November 2013

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A new battle for the ECB to fight

Last year, the ECB entered an existential battle for the euro. By promising to do ‘whatever it takes’ to safeguard the euro, the ECB managed to calm sovereign debt markets and engineer a much-needed easing of overall credit conditions in the Eurozone.

Topics: EU institutions, Exchange rates, Monetary policy
Tags: Bundesbank, Currency wars, ECB, euro, eurozone, unemployment

Banking union for Europe – where do we stand?

Thorsten Beck, 23 October 2013

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In a few days, pending some last-minute diplomatic conflict between the UK and the European Commission, the ECB will begin an asset-quality review of European banks. This is supposed to be the entry point to the supervisory role of the ECB in the context of the Single Supervisory Mechanism (SSM), the first of three pillars of the planned banking union.

Topics: EU institutions, Global crisis
Tags: ECB, eurozone, monetary union

Should the ECB publish its minutes?

Hans Gersbach, Volker Hahn, 7 October 2013

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Mario Draghi has voiced his support for the quick release of minutes and has confirmed that the ECB is to take a decision on this issue in the near future (Reuters 2013).

Topics: EU institutions, Institutions and economics
Tags: ECB

Redesigning the ECB with regional rather than national central banks

Michael Burda, 15 July 2013

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The monetary union was always a grand gamble. It established the ECB for an immense region that itself was not a state -- a trans-European institution with governmental duties that does not represent any government in particular.

Topics: EU institutions, Macroeconomic policy
Tags: Central Banks, ECB, monetary union

Misplaced concerns about central-bank independence

Marco Annunziata, 12 February 2013

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Concerns are rising that central-bank independence is at risk, already curtailed by governments eager to control all other levers of growth. The Japanese government’s none-too-subtle strong-arming of the Bank of Japan is one of the most blatant examples (e.g. King 2013).

But the current debate on the risks to central-bank independence misses the point.

Topics: Institutions and economics, Monetary policy
Tags: Central Banks, ECB, Fed, Federal Reserve, fiscal policy, independence

True independence for the ECB: Triggering power - no more, no less

Markus K Brunnermeier, Hans Gersbach, 20 December 2012

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Governments are hesitating over how to resolve the financial distress of banks, leaving fragile banking structures in place. This problem is particularly pressing in the Eurozone; governments expect the ECB to continue providing cheap funding, undermining the bank’s independence.

Topics: EU institutions, Europe's nations and regions
Tags: banking regulation, banking union, Central Banks, ECB, Eurozone crisis

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