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All items tagged ECBOpen Think Tank ArticlesFebruary 15, 2009 | The Legacy of the Financial Crisis Awaits Us in 2020Soyen Park: The financial crisis will bring about critical changes to the global order. New markets will emerge, the ECB may disappear, and leading financial institutions may become obsolete. Whatever the case, prudent, coordinated government policy is imperative. ... MoreGlobal Must Read ArticlesNovember 25, 2011 | Spain Calls. Will Merkel Answer?Newly elected Spanish PM Mariano Rajoy has the country’s biggest mandate in 30 years, but he will still need plenty of outside support to tackle Spain’s imposing economic issues. ++ He is hoping that Germany and the ECB will publically support his proposed reforms, but Angela Merkel has said she wants to see real action first. ++ Because the situation is so tenuous and Rajoy will not ... MoreNovember 8, 2011 | "Credibility" Gap in Merkozy's Eurozone StrategyMerkel and Sarkozy’s shifting strategy on the Euro crisis is undermining the credibility of the EU and hurting investment. ++ Suddenly introducing foreign exchange risk to the Eurozone has frightened the very market forces needed to rescue debt-ridden Greece and Italy. ++ This has created a vicious circle of political instability which further harms investment. ++ If it is to survive, the ... MoreDecember 6, 2010 | Europe's Piecemeal FailurePolicy makers are making the same mistake with the sovereign debt crisis in Europe that they did with the banks two years ago. ++ Dealing with the problem on a case by case basis ignores fundamental systemic flaws. ++ The solution for the euro zone is twofold: The ECB needs to make a commitment to buy government bonds from at-risk countries. ++ Secondly, austerity alone is not the answer: ... MoreJanuary 6, 2009 | End of Dollar Era, Back to the Gold?Originating in the US, the economic recession has gradually affected all economies. ++ International responses vary from smooth European behavior, where the Bundesbank still plays a key role in shaping the ECB policies, to an aggressive macroeconomic stimulus program in the US, making several ponder its potential inflationary repercussions. ++ There is, however, no current currency ... MoreDecember 8, 2008 | Fighting Deflation and Tempering InflationThe European Central Bank is forecasting annual inflation rates for 2009 at 1.1 to 1.7% and for 2010 at 1.5 to 2.1%. ++ Yet, Interest rates are being cut below these markers. ++ Banking officials claim that “twenty per cent inflation is ultimately not as harmful as 5 per cent deflation.” ++ Buying longer-dated government bonds, adding short-dated securities to balance sheets, and even imposing ... MoreOctober 9, 2008 | Unjustified Panic May Lead to Great DepressionThe current breakdown in financial markets is driven by unjustified panic. ++ Restoring confidence in the financial systems should be the priority for American and European governments. ++ EU countries should offer a time-limited guarantee of the liabilities of the most systemically important institutions. ++ Coordination on how to proceed is necessary if banking systems are to reemerge healthy ... MoreAugust 12, 2008 | Euro's Joyride is Coming to an EndEven though the European Central Bank reassures the investors that the euro has great prospects, business activity on the Old Continent is falling and consumer confidence is plummeting. ++ On Friday, the euro had its worst day against the dollar in 4 years and there are reasons to believe this was not a temporary blip, but the beginning of a trend. ++ Analysts were so focused on American ... MoreApril 9, 2008 | The Eurozone Should Assume Global LeadershipThe IMF’s need for governance reform points to the EU’s lack of management of its external monetary policy. ++ Consolidating the representation of Eurozone members on the board - currently 15 members are awkwardly split among 8 chairs - would increase effectiveness, give the EU a voting power that truly reflects the euro’s strength on bond and currency markets, and strengthen the voice of ... MoreMarch 26, 2008 | The Fed and the ECB Face Different DilemmasThe differences in transatlantic mortgage systems are causing the Fed and the ECB to deal with housing crisis in contrasting ways. ++ While the Fed keeps cutting interest rates to make up for the huge losses in capital of US banks, the EU is focusing on inflation control. ++ The Fed’s mandate is to guarantee financial and monetary stability - a commitment which may eventually require the ... MoreMarch 5, 2008 | Before Cutting Interest Rates, Consider InflationThe global credit crisis calls for cautious monetary policy. ++ Central banks need to take the risks of inflation seriously and avoid unnecessary interest-rate cuts. ++ The ECB should serve as a model for other central banks - it has ignored calls for interest-rate cuts and instead responded to the credit crunch by “opening wide the discount window and performing pragmatically its role as lender ... More |
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