About: European Central Bank

Climate change in the time of coronavirus: How we can green the ECB

If, like Cicero wrote, the sinews of war are infinite money, let’s make sure the funds are being used for the right battles, write Brook Riley and Peter Sweatman.

How to finance virus response in a sustainable way? Scale up synergies with the Green Deal

EU member states should not have to choose between financing the COVID-19 response, undertaking crucial long-term investments to tackle the climate crisis, and debt sustainability, write Irene Monasterolo and Ulrich Volz.
Economy & Jobs 14-02-2020

Time for a stronger and more sustainable Economic and Monetary Union

Despite continuous efforts by all decision-makers to reform and strengthen the Economic and Monetary Union, the European Economic and Social Committee (EESC) believes that its architecture still remains to be completed, writes Stefano Palmieri.
Economic governance 21-01-2019

ECB reshuffle: The EU can do better than gentlemen’s agreements behind closed doors

Appointments to the European Central Bank's Executive Board are no less than a strategic and political decision over the future of the Eurozone. But experience has shown this process is not transparent, open, and democratic enough to protect the ECB from its legitimacy gap, argue Stanislas Jourdan and Sebastian Diessner.

Green transition: ECB and budgetary authorities should face their responsibilities

Reforming the rules for coordinating budgetary and economic policies in the eurozone is a necessity to conciliate economic, social and climate objectives, write Olivier Bodin and Michael Vincent.
Euro & Finance 14-07-2016

Decision-making and disarray in the EU

The EU’s complex bureaucracy has prevented it from dealing with crises effectively, writes Antonia Colibasanu.
Euro & Finance 09-03-2015

A solution for temporary debt mutualisation in the eurozone

The ECB’s Outright Monetary Transactions Programme (OMT) has offered welcome relief for many eurozone countries struggling with high debt levels. But the destruction of capital market discipline bears considerable risks, write Clemens Fuest and Friedrich Heinemann. To address this, the authors propose the introduction of a new form of junior government bonds, "accountability bonds".
Mario Draghi is the President of the European Central Bank.
Euro & Finance 06-01-2015

Stability and prosperity in Monetary Union

There is a common misconception that the euro area is a monetary union without a political union. This reflects a deep misunderstanding of what monetary union means, writes Mario Draghi. 
Euro & Finance 13-09-2013

German constitutional court should not stymie emergency eurozone action

The German court in Karlsruhe is considering referring the European Central bank to the European Court of Justice for its actions during the Eurozone crisis, but the bank has acted in the interests of the Eurozone economy as a whole, and of Germany, writes Guntram Wolff.
Euro & Finance 29-08-2012

The future of the euro: Stability through change

To come out of its debt crisis, the eurozone is not confronted with a binary choice between disintegration and a United States of Europe, writes Mario Draghi. "Those who claim only a full federation can be sustainable set the bar too high. What we need is a gradual and structured effort to complete EMU," writes the ECB President.
Euro & Finance 09-04-2012

The new ‘bad equilibrium’ of the euro area

The euro area has been close to collapse at least three times in the last four years. However the 'strategy of uncertainty,' theorised primarily by the German government and Central Bank to fend off the crisis, is ill-conceived and it is high time to have strategic certainty, writes Carlo Bastasin.
Euro & Finance 20-12-2011

Out of bounds? On the legality of the ECB’s actions in the euro crisis

The European Central Bank's policy of buying bonds of indebted eurozone countries is in breach of at least three articles in the EU treaties, argues Markus C. Kerber, professor of Public Finance and Political Economy at the Technology University of Berlin. He led a legal challenge against eurozone bailouts before the German constitutional court.
Euro & Finance 17-11-2011

The Eurozone’s last resort: Monetisation

According to German minds, monetising the EU's debt via the European Central Bank would only boost inflation and eliminate pressure for Southern countries to reform their economies, says Peter Zeihan, from the Stratfor intelligence commentary website. But it seems like the only tool available right now to prevent a eurozone failure, he adds.
Euro & Finance 21-10-2011

Three Ways to Save the Eurozone

The challenge for Europe is to decide what to tell markets, to give them a good reason to regain trust in the eurozone’s credibility, Jean Pisani-Ferry spells out three ways to do so.
Euro & Finance 21-06-2011

The economic governance the EU needs

Member states need to have more faith in pooling sovereignty via the EU if they are to respond more quickly and concertedly to the eurozone crisis, argues ALDE group leader Guy Verhoftstadt.
Euro & Finance 28-03-2011

The EU’s culpability in the banking crisis

While the Irish must understand the constraints imposed by the bailout package, the EU also bears some responsibility for the banking crisis and should not undermine Ireland's economic model, writes former Taoiseach John Bruton.
Euro & Finance 15-11-2010

Europe’s monetary cordon sanitaire

The German government's proposed debt-restructuring mechanism immediately shifts weaker eurozone countries towards default, write Simon Johnson, former chief economist of the IMF and Peter Boone, chairman of Effective Intervention at the London School of Economics' Centre for Economic Performance.
Euro & Finance 30-07-2010

John Stewart Mill vs. the European Central Bank

John Stuart Mill's economic thinking would be more useful than the European Central Bank's in reversing the global economic downturn, writes J. Bradford DeLong, professor of Economics at the University of California at Berkeley, research associate at the National Bureau for Economic Research and a former US assistant secretary of the Treasury.
Euro & Finance 25-06-2010

Germany’s Europe deficit

The policies currently being imposed on the euro zone directly contradict the lessons learned from the Great Depression of the 1930s and risk pushing Europe into a period of prolonged stagnation, generating discontent and social unrest, argues financial guru George Soros.

Keep it simple: Policy responses to the financial crisis

Lax regulation only played a "permissive role" in contributing to global financial instability, according to a paper recently published by the Centre for European Policy Studies (CEPS) and prepared by members of Italian business association Assonime.
Euro & Finance 06-04-2009

De Larosière report fails to tackle main issues

"The de Larosière report fails to tackle the main fault lines that the credit crisis has shown to exist in the EU supervisory landscape," write Professors Laurens Jan Brinkhorst (University of Leiden), Jean-Victor Louis (Université Libre de Bruxelles) and René Smits (University of Amsterdam) in a March paper.
Euro & Finance 19-09-2008

European Growth: What’s to be done?

"Excessively low growth" has brought the European economy to a standstill following a series of violent shocks in the last two years, writes Jean Pisani Ferry, the director of Brussels-based economic policy think tank Bruegel, for Eurointelligence.
Brexit 01-09-2008

The financial crisis: One year on

Gaps remain in the European and global supervisory architecture following unacknowledged "clear shifts" in the structure of financial institutions over the past year, according to Karel Lannoo, the CEO of the Centre for European Policy Studies (CEPS).
Euro & Finance 07-04-2008

Why the euro/dollar exchange rate should be left alone

Tampering with exchange rates to stem the rise of the euro against the dollar would be wrong, according to a March commentary from EuroIntelligence, which argues that leaving the euro/dollar exchange rate alone would be more beneficial to both currencies.