ECB

  • frankfurt skyline night
    Permalink Gallery

    The limits of German power: How ECB decisions have put constraints on Berlin’s management of the crisis

The limits of German power: How ECB decisions have put constraints on Berlin’s management of the crisis

The German government has been at the heart of the EU’s response to the Eurozone crisis, but key decisions made by the European Central Bank, notably the introduction of a large ‘quantitative easing’ program, have occurred despite German opposition. Mattias Vermeiren writes that these two developments are intricately linked, with Germany’s pursuit of creditors’ interests generating unintended ‘spillover’ effects […]

Share
  • newecbseptemberfeatured
    Permalink Gallery

    Greece shows the flaws in pursuing a common monetary policy response to economic shocks across the EU

Greece shows the flaws in pursuing a common monetary policy response to economic shocks across the EU

To what extent is the Greek debt crisis a function of wider flaws in the design of the single currency? Bruce Morley writes that while Greece’s debt already exceeded 100 per cent of GDP in the 1990s, it is not simply the size of a country’s debt that determines whether it is sustainable. He argues that the real problems […]

Share
  • draghimay2015
    Permalink Gallery

    Increasing the transparency of the ECB could do more harm than good

Increasing the transparency of the ECB could do more harm than good

Earlier this year, the European Central Bank agreed to release minutes of its governing council meetings in response to criticism over the lack of transparency in its decision-making. Sebastian Diessner writes that while there are good reasons to support the ECB becoming more transparent, lessons should also be learned from the experiences of other central banks. He notes that […]

Share
  • eurocoinclosefeature
    Permalink Gallery

    The lack of monetary sovereignty is not the reason Eurozone countries struggled during the crisis

The lack of monetary sovereignty is not the reason Eurozone countries struggled during the crisis

One of the most widespread arguments about the Eurozone crisis is that countries such as Greece, Spain and Italy have been hamstrung by their lack of monetary sovereignty and the ability to devalue their own currency. Deborah Mabbett and Waltraud Schelkle assess this perspective by comparing the experiences of Greece with Hungary, which does not use the euro, and […]

Share
  • draghifeaturewide
    Permalink Gallery

    The ECB should focus on the threat of deflation rather than maintaining austerity

The ECB should focus on the threat of deflation rather than maintaining austerity

The European Central Bank will hold its latest policy meeting today. Ahead of the meeting, David Woodruff writes that while growth has resumed in the Eurozone, there are still serious problems across the single currency area, with unemployment at exceptionally high levels in several countries. He argues that the ECB’s primary focus should be on preventing deflation, and that […]

Share
  • frankfurtskylineartyfeature
    Permalink Gallery

    What has been agreed on banking union risks reigniting, rather than resolving the crisis

What has been agreed on banking union risks reigniting, rather than resolving the crisis

In December 2013 EU finance ministers negotiated an agreement aimed at establishing a banking union, with further talks between the European Parliament and the Member States ending in an agreement last week. Iain Begg provides a detailed overview of the main objectives of banking union and what has been agreed so far. He argues that while European leaders have […]

Share