eurozone
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The hidden repercussions of public debt in the West
Europe and the U.S. share a common commitment to monetization: their central banks buy much of the debt issued by the government. However, while the share of European bonds in the hands of non-European investors is limited, the portion of U.S. Treasuries held abroad is significant. GIS economic expert Enrico Colombatto answers whether this is a problem that makes American public finance particularly vulnerable.
Scary EU policies: Broken rules and opportunistic socialism
With the Covid-19 crisis bearing down on eurozone economies, all efforts at maintaining fiscal responsibility have been abandoned. The euro area could adopt new fiscal rules – likely ones that would allow for more profligacy and greater centralization. But the ultra-low interest rates that come with such a strategy could ...
GIS Dossier: The dilemmas of the ECB’s monetary policy
Experts have long been gravely concerned about the negative side effects that could result from the eurozone’s prolonged ultra-easy credit. However, reversing the monetary policies of the European Central Bank has proven economically and politically risky. The coronavirus crisis has made the challenge even harder.
The future of public debt
With the Covid-19 crisis pushing debt to record heights in many countries, it is worth wondering how they will ever pay it back. Several solutions have been proposed, from inflating the debt away, to deeply negative interest rates, to debt cancellation. All of these have severe flaws however, and in ...
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 ...
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