monetary policy
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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 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.
Capping dividends and stopping buybacks: Governments want pessimism
Through its policies, the U.S. Federal Reserve is implying that the banking sector is in danger. By curbing dividends and prohibiting buybacks, it will force banks to accumulate large amounts of cash, insulating them against bank runs that may never come. In fact, the likeliest outcome is that U.S. banks ...
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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