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October 31, 2014

Europe
Three Central Banks

Today’s central bank news tells us a lot about the risks and rewards of proactive central banking. The Bank of Japan (BoJ) surprised me (and nearly everyone else ) with a dramatic expansion of its u…

May 20, 2011

Europe and Eurasia
Is the ECB Draining its own Powers?

Back in 2000, the European Central Bank’s first president, Wim Duisenberg, explained how he knew the Bank’s operational framework for implementing monetary policy was working well.  It was, he said…

Is the ECB Draining its own Powers?

December 3, 2015

Europe
European Central Bank Rate Move, a Turning Point for Europe

At the governing council’s meeting today, the European Central Bank (ECB) announced that it will cut benchmark deposit rate to -0.3 percent, extend its quantitative easing (QE) program to at least Ma…

Central bank rates in Europe

April 16, 2014

Europe and Eurasia
Should the ECB Go on a Bund Buying Spree?

Should the European Central Bank finally join the Fed, the Bank of England, and the Bank of Japan and deliver a good, stiff dose of Quantitative Easing? Maybe, came the surprise response from the…

Should the ECB Go on a Bund Buying Spree?

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

June 24, 2013

Europe
European Banking Union: Small Steps

European finance ministers meet Wednesday to try and agree on common rules for resolving a failed bank, after failing to do so this past weekend.  If agreement is reached, and it appears far from cer…

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

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…

May 7, 2019

Turkey
Turkey’s Stretched Public Banks…

Watch the banking system's acces to lira funding as Turks shift toward foreign currency deposits...

Turkey’s Stretched Public Banks…