The currency crisis that is affecting Europe is fuelled by several economic factors such as the fear of insolvency by Greece,
The ECB: Gestures and credibility
Guido Tabellini, 26 May 2010
Monetary policy in exceptional times and the economic implications of phasing out in the Eurozone
Michele Lenza, Lucrezia Reichlin, 16 February 2010
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.
Eurozone monetary policy in uncharted waters
Emil Stavrev, Martin Cihák, Thomas Harjes, 15 January 2010
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.
Adjustments to the accountability and transparency of the European Central Bank
Sylvester Eijffinger, 24 October 2009
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.
Multinational banks and European financial integration: Lessons for supervision and regulation
Giorgio Barba Navaretti, Giacomo Calzolari, Guido Ferrarini, Alberto Franco Pozzolo, 8 April 2009
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.
Europe in the eye of a crisis
Lans Bovenberg, Coen Teulings, 4 April 2009
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.
Keep it simple
Carmine Di Noia, Stefano Micossi, 1 April 2009
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.
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
The Bank of England
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
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.
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
Why has there not been quantitative easing in the Eurozone? Good question.
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
- Debt, deleveraging, and the liquidity trap: A new modelKrugman