Economics

Foreign Affairs Article

Misrule of the Few

Author: Pavlos Eleftheriadis

Just a few years ago, Greece came perilously close to defaulting on its debts and exiting the eurozone. Today, thanks to the largest sovereign bailout in history, the country’s economy is showing new signs of life.

See more in Greece; Economics

Foreign Affairs Article

Leaders Indicating

Author: Ruchir Sharma

The normal rhythm of politics tends to lead most nations’ economies around in a circle, ashes to ashes. This life cycle starts with a crisis, which forces leaders to reform, which triggers an economic revival, which lulls leaders into complacency, which plunges the economy back into crisis again.

See more in Global; International Finance

Op-Ed

Europe’s Dodgy Bank Stress Tests

Authors: Benn Steil and Dinah Walker
Wall Street Journal

Benn Steil and Dinah Walker analyze the market reaction to the publication of the European Central Bank's long-awaited bank stress test results. The ECB's coddling of stress-tested banks — through the use of inflated inflation estimates and generous treatment of tax offsets against future profits which may never arise — precipitated a sell-off of bank stocks in a period when broad European indexes were up significantly. Unlike with the successful 2009 U.S. stress tests, there is no credible backstop of public funds available for Eurozone bank recapitalization, which would account for the ECB's reluctance to draw attention to the sector's undercapitalization.

 

See more in Europe; Banks and Banking

Audio

Former Central Bankers on the Federal Reserve and Financial Stability

Speakers: Arminio Fraga, Jacob A. Frenkel, Philipp Hildebrand, and Mervyn King
Presider: Roger C. Altman

Arminio Fraga, former president at the Central Bank of Brazil, Jacob A. Frenkel, former governor at the Bank of Israel, Philipp Hildebrand, former chairman at the Swiss National Bank, and CFR Distinguished Fellow and Former Bank of England Governor Mervyn King, join Roger C. Altman, former deputy secretary at the U.S. Department of the Treasury, to discuss their experiences as central bankers and insights into past financial crises.

See more in United States; Financial Regulation

Transcript

The Federal Reserve's Stanley Fischer on Inflation and Financial Stability

Speaker: Stanley Fischer
Introductory Speaker: Richard N. Haass
Presider: Laurence D. Fink

Stanley Fischer, vice chairman of the board of governors at the Federal Reserve System, joins
Laurence D. Fink, chairman and chief executive officer at BlackRock and member of the board of directors at the Council on Foreign Relations, to discuss how the Federal Reserve System has evolved over time, and challenges for the future.

See more in United States; Financial Regulation

Audio

The Federal Reserve Then and Now: Better Equipped to Avert Crises?

Speakers: Liaquat Ahamed, Willem Buiter, and Mark Gertler
Presider: Sebastian Mallaby

Author Liaquat Ahamed, CFR Adjunct Senior Fellow and Citigroup Global Chief Economist Willem Buiter, and NYU's Professor of Economics Mark Gertler, join Sebastian Mallaby, CFR's Paul A. Volcker Senior Fellow for International Economics, to discuss the history of the Federal Reserve and its future.

See more in United States; Financial Regulation

Transcript

The Federal Reserve Then and Now: Better Equipped to Avert Crises?

Speakers: Liaquat Ahamed, Willem Buiter, and Mark Gertler
Presider: Sebastian Mallaby

Author Liaquat Ahamed, CFR Adjunct Senior Fellow and Citigroup Global Chief Economist Willem Buiter, and NYU's Professor of Economics Mark Gertler, join Sebastian Mallaby, CFR's Paul A. Volcker Senior Fellow for International Economics, to discuss the history of the Federal Reserve and its future.

See more in United States; Financial Regulation

Audio

The Federal Reserve's Stanley Fischer on Inflation and Financial Stability

Speaker: Stanley Fischer
Introductory Speaker: Richard N. Haass
Presider: Laurence D. Fink

Stanley Fischer, vice chairman of the board of governors at the Federal Reserve System, joins
Laurence D. Fink, chairman and chief executive officer at BlackRock and member of the board of directors at the Council on Foreign Relations, to discuss how the Federal Reserve System has evolved over time, and challenges for the future.

See more in United States; Financial Regulation

Transcript

Former Central Bankers on the Federal Reserve and Financial Stability

Speakers: Arminio Fraga, Jacob A. Frenkel, Philipp Hildebrand, and Mervyn King
Presider: Roger C. Altman

Arminio Fraga, former president at the Central Bank of Brazil, Jacob A. Frenkel, former governor at the Bank of Israel, Philipp Hildebrand, former chairman at the Swiss National Bank, and CFR Distinguished Fellow and Former Bank of England Governor Mervyn King, join Roger C. Altman, former deputy secretary at the U.S. Department of the Treasury, to discuss their experiences as central bankers and insights into past financial crises.

See more in Global; Financial Regulation

Video

Former Central Bankers on the Federal Reserve and Financial Stability

Speakers: Arminio Fraga, Jacob A. Frenkel, Philipp Hildebrand, and Mervyn King
Presider: Roger C. Altman

Arminio Fraga, former president at the Central Bank of Brazil, Jacob A. Frenkel, former governor at the Bank of Israel, Philipp Hildebrand, former chairman at the Swiss National Bank, and CFR Distinguished Fellow and Former Bank of England Governor Mervyn King join Roger C. Altman, former deputy secretary at the U.S. Department of the Treasury, to discuss their experiences as central bankers and insights into past financial crises.

See more in United States; Financial Regulation

Video

The Federal Reserve Then and Now: Better Equipped to Avert Crises?

Speakers: Liaquat Ahamed, Willem Buiter, and Mark Gertler
Presider: Sebastian Mallaby

Author Liaquat Ahamed, CFR Adjunct Senior Fellow and Citigroup Global Chief Economist Willem Buiter, and NYU's Professor of Economics Mark Gertler, join Sebastian Mallaby, CFR's Paul A. Volcker Senior Fellow for International Economics, to discuss the history of the Federal Reserve and its future.

See more in United States; Financial Regulation

Video

The Federal Reserve's Stanley Fischer on Inflation and Financial Stability

Speaker: Stanley Fischer
Introductory Speaker: Richard N. Haass
Presider: Laurence D. Fink

Stanley Fischer, vice chairman of the board of governors at the Federal Reserve System, joins
Laurence D. Fink, chairman and chief executive officer at BlackRock and member of the board of directors at the Council on Foreign Relations, to discuss how the Federal Reserve System has evolved over time, and challenges for the future.

See more in United States; Financial Regulation