public debt
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Question marks over the ECB’s governance
When Sabine Lautenschlaeger became the fourth representative of Germany on the ECB governing bodies to resign on former President Mario Draghi’s watch, the issues of his legacy and the collegiality in the EU’s central bank have come to the fore. Growing doubts over the bank’s stimulus policies combined with ignoring dissenters among the bank’s governors and executive board members bode ill for longer-term effectiveness of this critical Europan institution. New ECB President Christine Lagarde may not yet appreciate the problem.
GIS Dossier: Monetary policy stood on its head
Unconventional monetary policies saved many financial institutions in the U.S. and Europe after the financial crisis. However, near-zero to negative interest rates and central banks’ massive debt-purchasing programs, which pumped trillions of dollars and euros into economies, failed to restore growth and have had potent, negative and lasting side-effects. Relaxing ...
The euro and the German constitution
Two legal challenges to the EU central bank’s most controversial policies have been working their way through Germany’s Federal Court of Justice, the country’s supreme court equivalent. In one of the cases, the justices in Karlsruhe already ruled that the authority of the EU Banking Union ought to be limited. ...
Opinion: The financial elephant in the room
Like medieval alchemy that failed to turn lead into gold, today’s easy-money folly of central banks and governments will lead to crisis, not economic growth and prosperity. After years of addiction to overspending, neither politicians nor central bankers seem capable of returning to responsible policies. New technologies such as cryptocurrencies, ...
GIS Dossier: Mission impossible, or reforming France
France used to be one of the European Union’s “twin engines” along with Germany. These days, this once-proud civilization is considered more of a problem than a solution for the European project. Its economy is ailing under excessive government spending and overregulation, its enterprises are stifled by a rigid system ...
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