eurozone crisis
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The false end of quantitative easing
In June, the European Central Bank made the fateful announcement that it would phase out its bond-buying program – called quantitative easing, or QE – by the end of this year. But putting an end to net bond purchases is not the same thing as ending the ECB’s ultra-lax monetary policy. By leaving the door open to rolling over its massive balance sheet of bonds as they mature, policymakers could keep oxygenating the euro area’s economy for years to come.
Is a European Monetary Fund needed?
In December, the European Commission will publish its proposal to establish a European Monetary Fund. From a strictly economic point of view, such a fund is not needed. There are plenty of political reasons, however, with Germany, France and the EC all pursuing their own contradictory goals. That makes it ...
Opinion: The day Europe goes bankrupt
You may not be able to see it, but Europe’s biggest economies have piled up enormous amounts of pension debt. The European Central Bank’s policy of target credits and quantitative easing has only made things worse. With politicians seemingly determined not to notice, a systemic implosion may be inevitable.
GIS Dossier: The strangely resilient euro
The euro has been remarkably stable during its 15-year existence as a major currency. That has not always been a good thing for the European economy. But the real concerns for the single currency hinge on politics and survival.
Roads out of Rome
European Commission President Jean-Claude Juncker came up with an uninspiring set of scenarios in his latest White Paper. But the debate it kicks off, to be continued at the Rome Summit on March 25, could present a real chance to reorganize the European Union and make it more competitive.
