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Change Is Coming at the ECB. Just Not Quickly.

Moss, Daniel, (2017), “Change Is Coming at the ECB. Just Not Quickly.”, Bloomberg View, 18 Ιουλίου The European Central Bank is wrestling with how to exit the super-accommodative policy that’s dominated Mario Draghi’s tenure as president. In trying to determine the path of this off-ramp, it might be instructive to look backward. To December of last year, to be precise. That’s when the ECB took what looks in retrospect like …Read More

Workers of the Euro Area Rise Up and Ask for More Pay, Maybe

Tadeo, Maria, Look, Carolynn, (2017), “Workers of the Euro Area Rise Up and Ask for More Pay, Maybe”, Bloomberg Markets, 13 Ιουλίου Euro-area labor representatives are about to test whether the broadest economic growth in years can finally deliver a decent pay rise. Unions in the currency bloc’s largest nations, interviewed by Bloomberg this month, blame lackluster pay gains on dampened expectations among workers since the region’s financial crises, and …Read More

The Politics of Germany’s External Surplus

Fuest, Clemens, (2017), “The Politics of Germany’s External Surplus”, Project Syndicate, 17 Ιουλίου The debate about global macroeconomic imbalances is increasingly focusing on Germany’s current-account surplus and economic policy. Despite the vitality of the German economic engine, and the role it plays in fueling growth and maintaining stability in the eurozone, criticism of the country’s massive external surplus is mounting. As the Economist put it recently, Germany “saves too much and spends too little,” …Read More

Europe’s Junk-Bond Boom Triggers Alarm as Safety Nets Weakened

Linsel, Katie, (2017), “Europe’s Junk-Bond Boom Triggers Alarm as Safety Nets Weakened”, Bloomberg Markets, 17 Ιουλίου Europe’s booming junk bond market is provoking alarm among analysts who say investors are letting down their guard and risking future losses. Dutch department store operator Hema BV, home improvement retailer Maxeda DIY Holding BV and supercar maker McLaren Group are the latest in a string of companies that have sold bonds with weaker investor protections, known …Read More

Is the Shine Off Macron?

Wyplosz, Charles, (2017), “Is the Shine Off Macron?”, Project Syndicate, 13 Ιουλίου Emmanuel Macron is on a winning streak. Within a year, he has gone from inexperienced political underdog, with no establishment backing, to President of the French Republic and leader of a newly created political party with an impressive parliamentary majority. Can he keep it up? Σχετικές Αναρτήσεις James, Harold, (2017), «The Renewal of Europe’s Center?», Project Syndicate, 5 Ιουνίου …Read More

Η ΕΚΤ φοβάται να προαναγγείλει πότε θα σταματήσει πλήρως το QE

Καπερναράκου, Κατερίνα, (2017), “Η ΕΚΤ φοβάται να προαναγγείλει πότε θα σταματήσει πλήρως το QE”, Η Καθημερινή, 15 Ιουλίου Η οριστική διακοπή του προγράμματος αγοράς τίτλων προβληματίζει την Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ), η οποία δεν επιδιώκει να ορίσει κάποια συγκεκριμένη ημερομηνία γι’ αυτή. Προτιμά να έχει την ευελιξία να αποφασίσει, παρακολουθώντας τα οικονομικά δεδομένα. Οι μισοί από τους αναλυτές που συμμετείχαν σε δημοσκόπηση του Reuters προβλέπουν ότι τον Σεπτέμβριο η ΕΚΤ …Read More

Completing EMU

Buti, Marco, Deroose, Servaas, Leandro, José, Giudice, Gabriele, (2017),  “Completing EMU”, VoxEU, 13 Ιουλίου Despite much being done to strengthen the Economic and Monetary Union, it remains incomplete and this is one of the main reasons for the Eurozone’s lacklustre economic performance in the recent years. While there are still diverging views on how to “cross the river”, there is also a political and economic window of opportunity to complete the …Read More

The New Abnormal in Monetary Policy

Roubini, Nouriel, (2017), “The New Abnormal in Monetary Policy”, Project Syndicate, 10 Ιουλίου Financial markets are starting to get rattled by the winding down of unconventional monetary policies in many advanced economies. Soon enough, the Bank of Japan (BOJ) and the Swiss National Bank (SNB) will be the only central banks still maintaining unconventional monetary policies for the long term. The US Federal Reserve started phasing out its asset-purchase program (quantitative easing, …Read More

Italy’s Bank Bailout Serves German Interests Too

Krauss, Melvyn, (2017), “Italy’s Bank Bailout Serves German Interests Too”, Bloomberg View, 7 Ιουλίου As Europe’s politicians digest the lessons from Italy’s recent 17 billion euro ($19.34 billion) bailout of two Venetian banks, two schools of opinion have emerged. The majority view is that the bailout, while less than ideal, at least brought greater financial stability to Italy. Σχετικές Αναρτήσεις Setser, Brad W., Smith, Emma, (2017), «Where Does Italy’s Bank …Read More

The Inflation Target Trap

Gros, Daniel, (2017), “The Inflation Target Trap”, Project Syndicate, 6 Ιουλίου Central banks have a problem: growth in much of the world is accelerating, but inflation has failed to take off. Of course, for most people, growth without inflation is the ideal combination. But central banks have set the goal of achieving an inflation rate of “below, but close to 2%,” as the European Central Bank puts it. And, at …Read More