All together now? Arguments for a big-bang solution to Eurozone problems

Daniel Gros, 5 December 2010

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I hope that everything I write in this column turns out to be irrelevant; I very much hope that it will not be necessary to resort to such drastic actions. Economic logic, however, suggests that it might soon represent the least bad solution to a crisis which keeps getting worse. That said…

Topics: Global crisis
Tags: ECB, Eurozone crisis, sovereign restructuring

The seniority conundrum: Bail out countries but bail in private, short-term creditors?

Daniel Gros, 5 December 2010

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European policy-makers might come to regret the statement of the Eurogroup (Eurogroup 2010) that announced the outline of the new European Stability Mechanism that will replace the temporary EFSF from 2013.

Topics: Global crisis
Tags: debt seniority, ECB, EFSF, ESM, Eurozone crisis

Reforming the Stability Pact: Focus on financial supervision

Guido Tabellini, 5 October 2010

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The economic governance of the Eurozone is under repair. After months of work and deep thinking involving several institutions, including the ECB and the governments of France and Germany, the Commission has proposed a reform plan.

The reform is aimed at the two problems that the financial crisis of Greece highlighted:

Topics: EU institutions
Tags: ECB, Economic governance, EU

ECB interest rate policy and the “zero lower bound”

Stefan Gerlach, John Lewis, 27 July 2010

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Since the start of the financial crisis, central banks across the world have cut interest rates substantially. In Japan, the US, the Eurozone and elsewhere, short-term interest rates controlled by the central bank are at or close to zero.

There are two reasons why this may have happened.

Topics: Global crisis
Tags: ECB, global crisis, monetary policy, zero lower bound

The ECB: Gestures and credibility

Guido Tabellini, 26 May 2010

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The currency crisis that is affecting Europe is fuelled by several economic factors such as the fear of insolvency by Greece,

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

Monetary policy in exceptional times and the economic implications of phasing out in the Eurozone

Michele Lenza, Lucrezia Reichlin, 16 February 2010

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In response to the global financial crisis, central banks have reacted in a number of novel and innovative ways. Recently, some economists have started to assess the effects of these measures (e.g.

Topics: Monetary policy
Tags: ECB, market spreads, monetary policy

Eurozone monetary policy in uncharted waters

Emil Stavrev, Martin Cihák, Thomas Harjes, 15 January 2010

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In response to the financial crisis and its fallout on economic activity, inflation, and inflation expectations, central banks around the globe flooded markets with liquidity and slashed interest rates to unprecedented low levels. The ECB led the way in actively providing financial markets with massive amounts of liquidity.

Topics: Macroeconomic policy
Tags: ECB, eurozone, monetary policy

Adjustments to the accountability and transparency of the European Central Bank

Sylvester Eijffinger, 24 October 2009

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It is widely agreed that central banking should not be subject to "political business cycles". Consequently, in the last decades, it has become an integral part of modern central banking policy that full operational (or functional) independence of central banks is a welfare-enhancing quality.

Topics: EU institutions
Tags: Central Banks, ECB, financial supervision

Multinational banks and European financial integration: Lessons for supervision and regulation

Giorgio Barba Navaretti, Giacomo Calzolari, Guido Ferrarini, Alberto Franco Pozzolo, 8 April 2009

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Multinational banks are a crucial piece of the puzzle in the flurry of proposals for European financial reform. The size and cross-border operations of these institutions are seen by some as amplifying the effects of wrong management choices and practices and making the current crisis more systemic. That has cast doubts on the viability of this business model in the post-crisis world.

Topics: EU policies
Tags: banking regulation, ECB, EU

Europe in the eye of a crisis

Lans Bovenberg, Coen Teulings, 4 April 2009

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Europe is now at a crossroads: either closer political integration will support European economic integration or European markets will disintegrate at the cost of falling standards of living and rising international political tensions.

Topics: EU policies, Global crisis
Tags: Banking crisis, ECB, EU

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