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Berlin could destroy the last vestiges of budget discipline in the EU
The German constitutional court’s courageous ruling was necessary
Germany’s Federal Constitutional Court in Karlsruhe made history on May 5, 2020. The justices found that the European Central Bank could have acted outside its remit by purchasing government debt. Accordingly, the court suspended the Bundesbank’s participation in the ECB’s program.
Relevance beyond the crisis: Strategies for the euro
Pumping still more liquidity into Europe’s pandemic-frozen economy hardly addresses underlying problems, but this happens to be the most politically palatable strategy that Brussels could pursue. How EU leaders go about financing the massive new outlays, however, is a tricky question. The most likely borrowing scheme will have long-term consequences ...
GIS Dossier: Monetary policy stood on its head
Unconventional monetary policies saved many financial institutions in the U.S. and Europe after the financial crisis. However, near-zero to negative interest rates and central banks’ massive debt-purchasing programs, which pumped trillions of dollars and euros into economies, failed to restore growth and have had potent, negative and lasting side-effects. Relaxing ...
The euro and the promise to end monetary profligacy
As the European Central Bank winds down its quantitative easing program, none of its future policy options look especially promising for the euro. While investors would welcome a more neutral monetary stance, that could spur political tensions in the euro area that could roil financial markets. Meanwhile, regulation is on ...
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Problems at the European Central Bank
Excluding the European Central Bank from the democratic process by law is supposed to protect it from political interference. Yet trouble has long simmered at of the world’s most independent central banks. Gain insight into the mechanics of its latest, most significant crisis with this special offer.
Regular price: 35.80, you save 16.11 in bundle