Benn Steil's Forbes op-ed explains why central banks, in spite of their money-printing powers, ultimately need real capital.

Benn Steil's Financial News column explains why the ECB is incapable of taking Fed-size risks to its balance sheet as long as Germany is willing to contemplate its ultimate liquidation.

CFR's Benn Steil discusses the ECB's role and limitations in mitigating the eurozone debt crisis.

Benn Steil's column in the October 10th edition of Dow Jones' Financial News takes a critical look at popular European calls for a new "Marshall Plan."

Benn Steil and Paul Swartz look at the dangers of the European Central Bank's ever-deeper forays into fiscal policy and credit allocation.

Benn Steil's column in Dow Jones' Financial News takes a critical look at the Washington debt duel.

Benn Steil's column in the July 11 edition of Dow Jones' Financial News takes a tour of the globe—from Stockholm to Sydney and Frankfurt to Washington—and shows why it is a dangerous delusion to believe that central banks can remedy our economic ills.

Benn Steil testifies before the Senate on the importance of regulatory reforms to make U.S. markets more resilient to the failures of individual financial institutions. He argues that well capitalized and regulated central derivatives clearinghouses have historically provided the best example of successful "safe-fail" risk management in the derivatives industry.

Benn Steil's op-ed in the May 24th edition of the Financial Times, co-authored with Manuel Hinds, examines what it would mean for the United States to be obliged to function, like most of the world, without an internationally accepted money. They show why the U.S. not being able to pay its foreign debts in conjured currency would, contrary to Paul Krugman's view, be a big deal.

Benn Steil's April column in Dow Jones' Financial News, co-authored with Paul Swartz, argues that the White House OMB's growth forecasts are systematically biased upwards, and that using the lower private or CBO growth assumptions results in about $1.75 trillion more debt over the next ten years than is implied by the president's recent budget.

Benn Steil's February column in Dow Jones' Financial News looks at last week's two big proposed transatlantic exchange mergers, arguing that, unlike the earlier round of high-profile tie-ups (when large takeover premiums were paid), these are being driven by recognition that all the big bourses are becoming uncompetitive in their once-core equity trading businesses.

Benn Steil's op-ed for Project Syndicate argues that the United States and Europe are putting the credibility of the Fed and the ECB at risk by relying on extraordinary central bank interventions as a substitute for resolving the bad assets dragging down private sector banks.

Benn Steil's January column in Dow Jones' Financial News, co-authored with Paul Swartz, argues that the German-led Irish bailout is floundering because the Irish public balance sheet cannot absorb further Irish bank debt.  Until the inevitable losses on this debt are finally allocated, largely to other European banks, investors will continue to be wary of holding any assets which could conceivably bear the brunt of such losses.

Benn Steil's October column in Dow Jones' Financial News argues that treating the symptoms rather than the causes of the current economic anemia will result in the same unbalanced and unsustainable recovery that followed the post-tech-bubble slump.

Benn Steil's September column in Dow Jones' Financial News argues that the "Volcker Rule" will not make insured deposits safer or crises less likely, as traditional bank lending creates riskier maturity mismatches than securities trading.

Benn Steil takes a satirical look at high-frequency trading.

Benn Steil and Paul Swartz's op-ed in the August 19 edition of the Wall Street Journal explains why the Fed must give up control over the setting of the Fed funds rate--or indeed any interest rate--in order to implement its announced exit strategy. But they argue that evidence from the eurozone suggests strongly that the Fed will be unwilling to relinquish control over rates.

Benn Steil's August column in Dow Jones' Financial News, co-authored with Paul Swartz, examines the cost of global imbalances from the perspective of the world's leading holders of foreign exchange reserves, China and Japan.

Benn Steil's op-ed in the June 23rd edition of the Financial Times explains why FDR's Treasury in the 1930s cajoled the Chinese to peg to the dollar, in stark contrast to Obama's Treasury today, which wants the peg ended.  The ambition the two administrations shared is a weaker dollar.

Benn Steil's article in the Spring/Summer edition of the CATO Journal argues that restraining excessive debt accumulation will require significant changes in the U.S. corporate taxation regime and the principles underlying the conduct of U.S. monetary policy.