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April 24, 2018

International Economic Policy
Asia's Central Banks and Sovereign Funds Are Back

East Asia (China, Japan, and the NIEs) ran a $600 billion current account surplus in 2017. "Official" (central bank and sovereign fund) outflows accounted for about half of that. Asia's foreign excha…

Asia's Central Banks and Sovereign Funds Are Back

November 4, 2011

Europe
ECB Limitations in Addressing Eurozone Crisis

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

December 4, 2015

Europe
ECB and the Limits of QE

Markets were clearly underwhelmed by the European Central Bank’s (ECB) easing announcement yesterday, marginally cutting its (already negative) deposit rate and extending the duration of its asset pu…

September 30, 2016

China
The ECB on the Slowdown in Global Trade

I really liked the ECB’s recent report on the slowdown in global trade (summarized here), for five reasons. 1) It doesn’t assume that trade should always grow faster than output. A liberalization …

china-manu-trade

November 12, 2015

Europe and Eurasia
As Fed Pulls Back, the ECB and BoJ Add Trillions to Global Liquidity

All eyes and ears are on the Fed as it ponders its first rate increase in nine years.  IMF Managing Director Christine Lagarde fears a rerun of the 2013 “taper tantrum,” or what we have been calli…

As Fed Pulls Back, the ECB and BoJ Add Trillions to Global Liquidity

April 3, 2013

Europe
ECB Policy for a Fragmented Financial Market

The ECB meets tomorrow and is expected to remain on hold.  Of the 44 market participants surveyed by Bloomberg, only one thought that the ECB would lower interest rates at this week’s meeting.  Marke…

ECB Policy for a Fragmented Financial Market

October 27, 2014

Europe
European Banks: Balance Sheet Clarity But A Cloudy Future

The European banking assessment results, released yesterday, were generally well received by markets. The test looked like earlier U.S. and Spanish stress tests in terms of structure, the results wer…

January 3, 2012

Iran’s Central Bank: a Lesson

In 2011 Congress forced a reluctant Obama Administration into tougher sanctions against Iran than it desired. One of the toughest required U.S. sanctions against Iran’s Central Bank. This is an old …

May 17, 2019

European Union
Why the European Parliament Elections Matter

Populist parties are looking to make big gains in European Parliament elections. That could disrupt EU policy on issues from trade to migration.

Italian Deputy Prime Minister Matteo Salvini at a rally.

July 20, 2017

Monetary Policy
Can the Fed and ECB Work Together To Reduce Imbalances?

Fed Governor Lael Brainard’s speech on central bank coordination last week was quite interesting—I think it should be read for far more than a signal on when the Fed is likely to next raise the polic…