Economics

Audio

Media Call with Benn Steil on European Central Bank Meeting

Ahead of the April 3, 2014, meeting of the European Central Bank (ECB)'s rate-setting Governing Council, CFR Director of International Economics Benn Steil discussed why the expected shift toward more aggressive monetary stimulus will fail to revive private-sector credit without a more compelling bank recapitalization plan.

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Primary Sources

IMF World Economic Outlook

The World Economic Outlook (WEO) presents the IMF staff's analysis and projections of economic developments at the global level, in major country groups (classified by region, stage of development, etc.), and in many individual countries. It focuses on major economic policy issues as well as on the analysis of economic developments and prospects. It is usually prepared twice a year, as documentation for meetings of the International Monetary and Financial Committee, and forms the main instrument of the IMF's global surveillance activities.

See more in International Finance; Global Future Trends; Global

Must Read

NYT: The Wolf Hunters of Wall Street

Author: Michael Lewis

"Katsuyama and his team did measure how much more cheaply they bought stock when they removed the ability of some other unknown trader to front-run them. For instance, they bought 10 million shares of Citigroup, then trading at roughly $4 per share, and saved $29,000 — or less than 0.1 percent of the total price… It sounded small until you realized that the average daily volume in the U.S. stock market was $225 billion. The same tax rate applied to that sum came to nearly $160 million a day."

See more in North America; Banks and Banking

Op-Ed

What Europe Can Learn From the U.S. Bank Crisis

Authors: Benn Steil and Dinah Walker
Wall Street Journal

Benn Steil's latest op-ed in the Wall Street Journal, co-authored with Dinah Walker, explains why the ECB's anticipated foray into more aggressive monetary stimulus next week won't have any significant effect on the availability and cost of private-sector credit. The ECB believes that its ongoing bank stress tests will help revive the eurozone's moribund banking industry, but they argue that the tests are counterproductive without a mechanism in place to assure sufficient recapitalization of banks that fall short—as there was in the United States in 2009.

See more in Europe; Banks and Banking

Transcript

On the Road to Recovery, or Creating the “Mother of All Bubbles”?

Speakers: Joyce Chang, Nouriel Roubini, and Sebastian Mallaby

With the tapering of the Federal Reserve's bond buying program well underway, and the possibility of future interest rate hikes under discussion, J.P. Morgan's Joyce Chang and Nouriel Roubini of Roubini Global Economics assess the risks that exist in the current global financial system in a discussion with CFR's Sebastian Mallaby.

See more in Global; Politics and Strategy; Monetary Policy

Audio

On the Road to Recovery, or Creating the “Mother of All Bubbles”?

Speakers: Joyce Chang and Nouriel Roubini
Presider: Sebastian Mallaby

With the tapering of the Federal Reserve's bond buying program well underway, and the possibility of future interest rate hikes under discussion, J.P. Morgan's Joyce Chang and Nouriel Roubini of Roubini Global Economics assess the risks that exist in the current global financial system in a discussion with CFR's Sebastian Mallaby.

See more in Global; Politics and Strategy; Monetary Policy

Video

On the Road to Recovery, or Creating the “Mother of All Bubbles”?

Speakers: Joyce Chang and Nouriel Roubini
Presider: Sebastian Mallaby

With the tapering of the Federal Reserve's bond buying program well underway, and the possibility of future interest rate hikes under discussion, J.P. Morgan's Joyce Chang and Nouriel Roubini of Roubini Global Economics assess the risks that exist in the current global financial system in a discussion with CFR's Sebastian Mallaby.

See more in Global; Politics and Strategy; Monetary Policy

Must Read

Carnegie Europe: Foundations of German Power

Author: Ulrich Speck

"Without a strong and assertive Germany, there can be no strong and assertive EU in the world. And without a more self-confident EU, the liberal global order―built and underpinned for decades by the United States―might not be sustainable. Germany must start to invest more in an order from which it has benefited so much over the decades."

See more in Germany; Business and Foreign Policy