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

Fiscal dimensions of central banking: The fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 1

Willem Buiter, 8 May 2010

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Editors’ note: This is the first of a four-part series of Vox columns culled from Willem Buiter’s recent post on his FT-sponsored blog, Maverecon.

Topics: Financial markets
Tags: ECB, Eurosystem, quantitative easing

Was the euro a mistake?

Barry Eichengreen, 20 January 2009

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What started as the Subprime Crisis in 2007 and morphed in the Global Credit Crisis in 2008 has become the Euro Crisis in 2009. Sober people are now contemplating whether a euro area member such as Greece might default on its debt. In addition to directly damaging bank balance sheets, this would destroy confidence in its banking and financial system.

Topics: Global economy
Tags: ECB, Eurozone breakup, global crisis, Government default

The Euro at ten: Why do effects on trade between members appear smaller than historical estimates among smaller countries?

Jeffrey Frankel, 24 December 2008

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With the tenth anniversary of the launching of the euro, everyone is taking stock. The record of the euro shows both pluses and minuses. Looking back, the euro has in many ways been more successful than predicted by the sceptics – many of them American economists.

Topics: EU policies, International finance
Tags: CFA franc, ECB, EU trade, euro, monetary unions

The first ten years of the euro

Marco Buti, Vitor Gaspar, 24 December 2008

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“It is in the nature of beginning that something new is started which cannot be expected from what may have happened before. This character of startling unexpectedness is inherent in all beginnings.” – Hannah Arendt, The Human Condition, 1958.

Topics: EU institutions, EU policies, Monetary policy
Tags: ECB, EMU, euro

The folly of the central banks of Europe

John Muellbauer, 27 October 2008

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When future economic historians look back to trace the triggers for the October 2008 financial panic and the unnecessarily severe recession of 2009, they will likely put their fingers on two.

Topics: Financial markets
Tags: currency crisis, ECB, financial crisis, rescue package, subprime crisis, UK

The beginning of the end game…

Daniel Gros, Stefano Micossi, 20 September 2008

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The US financial system is being nationalised. The piecemeal approach which culminated with the AIG operation was clearly not working. The US government had taken control of its biggest insurance company just two weeks after it had to save Fannie and Freddie, by far the world’s largest mortgage underwriters.

Topics: Financial markets
Tags: bank failure, ECB, international financial crises, subprime crisis

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