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

Keep it simple

Carmine Di Noia, Stefano Micossi, 1 April 2009

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Tomorrow’s G20 meeting in London should not try to resolve everything. It must concentrate on what is urgent and, for the rest, start a process capable of producing a consensus on what must be corrected in the global governance of the economy and financial markets within reasonable deadlines.

Topics: EU policies, Global crisis, Global governance
Tags: ECB, financial regulation, G20

Fiscal dimensions of central banking: the fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 2

Willem Buiter, 25 March 2009

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The Bank of England

Topics: Monetary policy
Tags: Bank of England, ECB, Fed, fiscal backing

Fiscal dimensions of central banking: the fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 3

Willem Buiter, 25 March 2009

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An entirely valid reason for the ECB/Eurosystem to refuse to engage in either outright purchases of private securities or in unsecured lending to the banking sector (or to the non-financial enterprise sector directly), is that there is no ‘fiscal Eurozone’ – just as there is no fiscal EU. The absence of a fiscal Europe that matters here is a narrow one.

Topics: Monetary policy
Tags: ECB, Eurosystem, fiscal Europe, wnt

Fiscal dimensions of central banking: The fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 2

Willem Buiter, 24 March 2009

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Why has there not been quantitative easing in the Eurozone? Good question.

Topics: Monetary policy
Tags: ECB, Fed, quantitative easing

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