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

ECB credibility unprecedentedly low

Petra Geraats, Francesco Giavazzi, Charles Wyplosz, 9 September 2008

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The European Central Bank (ECB) attaches great importance to the credibility that people have in its ability to achieve its primary objective of price stability in the medium term.

Topics: Monetary policy
Tags: ECB, monetary policy

Central bank independence and transparency: Not just cheap talk (Part 1)

Christopher Crowe, Ellen E. Meade, 27 July 2008

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In recent days, French President Nicolas Sarkozy has called for changes that would increase the accountability of the European Central Bank, including the publication of meeting minutes for its Governing Council.1 This and other types of accountability measures are gen

Topics: EU institutions
Tags: Central Banks, ECB, transparency

How to prick local housing bubbles in a monetary union: regulation and countercyclical taxes

Alan Ahearne, Juan Delgado, Jakob von Weizsäcker, 27 June 2008

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Academics and central bankers across the world are again engaged in an intensive debate about how central banks should react to substantial rises in asset prices in the wake of recent booms and busts in housing markets in many countries. Until recently, there seems to have been a consensus that monetary policy should not be aggressively tightened in an attempt to prick a house price bubble.

Topics: Macroeconomic policy
Tags: ECB, housing bubbles, monetary union, regulation, taxes

Why central banking is no longer boring

Guido Tabellini, 23 June 2008

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Until a year ago, central bankers could boast with satisfaction that monetary policy had become boring. A widely shared “best practice” was followed by almost all central banks. Any controversies concerned technical nuances that were really only relevant to professionals in the field. Then came the credit crisis – and all certainties went out the window.

Topics: Monetary policy
Tags: Central Banks, ECB, Federal Reserve, inflation, inflation targetting

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