ECB
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Causes and consequences of the dollar’s weakness
At the pandemic’s onset, few paid any attention to exchange rates. The U.S. dollar has weakened significantly since March 2020, surprising many observers. Some of the drop can be ascribed to the diminished international trade flows, which cut the demand for the globe’s leading exchange currency. There may also be, however, more disturbing reasons lurking beneath the dollar’s weakening strength figures.
GIS Dossier: The shifting grounds of EU banking rules and supervision
Bank regulators are forced to close their eyes again to vulnerabilities that made the 2008 banking industry meltdown possible. They need to ensure that banks continue supporting the real economy during the pandemic. For instance, capital requirements are being softened and regulatory relief given so banks can lend as much as possible ...
Berlin could destroy the last vestiges of budget discipline in the EU
Once a staunch defender of financial responsibility in the eurozone, Germany has thrown its support behind the European Commission’s ill-conceived, unwarranted and politicized spending scheme to aid the eurozone’s economy.
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.
The political economy of crony socialism
When governments and critical financial institutions rig the system to facilitate irresponsible public spending, trouble is inevitable. Today’s crony socialism, masquerading as capitalism, is at the root of the crisis unleashed by the anti-coronavirus measures. Unfortunately, panicked citizens perceive the government as a part of the solution, not the problem.
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