Why the ECB needs to care about financial stability

Guido Tabellini, 29 November 2011

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As many had expected, the decisions made at the last European summit a few weeks ago were totally inadequate to halt the crisis. What can now be done to stop the spread of distrust?

Topics: Europe's nations and regions
Tags: ECB, Eurozone crisis, Germany

Why the ECB refuses to be a Lender of Last Resort

Paul De Grauwe, 28 November 2011

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A number of analysts are calling for the ECB to act as the lender of last resort in the Eurozone government bond market (see for example Wyplosz 2011 on this site). Up to now it has resisted. But why should the ECB refuse to take up the role of last-resort buyer?

Topics: Europe's nations and regions, Global crisis
Tags: ECB, Eurozone crisis

Greece – where next?

Dimitri Vayanos interviewed by Viv Davies, 11 Nov 2011

Dimitri Vayanos of the London School of Economics talks to Viv Davies about Greece and the eurozone crisis, and argues that leaving the euro would be a disaster for both Greece and Europe. They discuss the bailout package, the appointment of Lucas Papademos as Prime Minister and the benefits of a coalition government of technocrats. Vayanos maintains that the emphasis for Greece should be on deeper institutional and structural reforms. The interview was recorded on 10 November 2011.

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Topics: Europe's nations and regions, Financial markets, Politics and economics
Tags: debt restructuring, default, ECB, Eurozone crisis, Greece

The Greek revolt: Good news for Europe

Charles Wyplosz, 4 November 2011

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The Greek revolt, even if short lived, is good news on the European crisis front – it might provoke the long-awaited policy turnaround that is necessary to end the Eurozone crisis. It may finally awaken EZ leaders to the futility of the path they’ve chosen.

Topics: Europe's nations and regions, Financial markets, Politics and economics
Tags: debt restructuring, default, ECB, Eurozone crisis, Greece

European summits in ivory towers

Paul De Grauwe, 26 October 2011

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Imagine an army going to war. It has overwhelming firepower. The generals, however, announce that they actually hate the whole thing and that they will limit the shooting as much as possible. Some of the generals are so upset by the prospect of going to war that they resign from the army.

Topics: EU institutions, International finance, Monetary policy
Tags: ECB, EFSF, Eurozone crisis, inflation targeting

Resolving the current European mess

Charles Wyplosz, 25 October 2011

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Editors' note: This column forms part of a VoxEU.org eBook 'The Future of Banking', to be published on Tuesday 25 October.

Topics: EU institutions, EU policies, International finance
Tags: ECB, EFSF, eurozone, sovereign debt

Capping interest rates to stop contagion in the Eurozone

Bernard Delbecque, 17 October 2011

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A straightforward solution to stop contagion would be to appoint the ECB as a lender of last resort in the government bond markets (Wyplosz 2011a). By making it clear that it is fully committed to exert this function, the ECB would restore confidence in the markets.

Topics: EU institutions, EU policies
Tags: contagion, ECB, EFSF, Eurozone crisis

A failsafe way to end the Eurozone crisis

Charles Wyplosz, 26 September 2011

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The annual gathering of finance ministers and central bank governors at the IMF/World Bank meetings in Washington seems to have been an epiphany for Eurozone leaders. Finally, there seems to be agreement that their July 2011 agreement was insufficient (Reuters 2011).

Topics: Global crisis
Tags: debt guarantee, ECB, EFSF, Eurozone crisis, moral hazard

The damaged ECB legitimacy

Anne Sibert, 15 September 2011

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The ECB’s role has evolved in its decade-long existence. In this note I describe how the choices of the ECB have damaged the institution’s legitimacy.

Topics: EU policies, Europe's nations and regions, Global crisis, Institutions and economics
Tags: ECB, Eurozone crisis, transparency

Why a slowdown in Germany could be good for Europe

Francesco Giavazzi, Alberto Alesina, 1 September 2011

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Paradoxically, the slowing down of the German economy could be a blessing for the euro – and a boost to the probability that the euro survives the crisis.

Until a few weeks ago, the Eurozone economies seemed to be moving in different directions.

Topics: EU policies, Europe's nations and regions, Monetary policy
Tags: ECB, Eurozone crisis, Germany

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