monetary policy
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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 to the private sector. When credit risk stops being an issue, however, financial instability can follow quickly.
The ECB’s wobbly ‘bridge function’
After the financial crisis of 2008, EU leaders decided that the European Central Bank needed supervisory powers over banks. Initially, the project successfully helped rein in bad practices and clean up banks' balance sheets. However, if the ECB's supervisory and monetary policy-setting functions are not kept separate, it could lead ...
GIS Dossier: Beyond the pandemic – the economics
Six months into 2020, the effects of the Covid-19 crisis on the global economy are becoming clear. Not only has it disrupted supply chains and upended long-standing industry alliances, it has reinforced governments’ spendthrift habits and central banks’ tendency to print money. GIS experts have offered their analysis and predictions ...
Zombies and stagflation: Mario Draghi’s crisis prescription
In late March, Mario Draghi broke his post-ECB silence with an article in the Financial Times that set out several recipes for how to address the economic difficulties brought on by measures to contain the COVID-19 pandemic. Essentially calling for a “whatever it takes” part two, he urged central banks ...
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.
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