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February 6, 2013

Europe
Germany’s Central Bank and the Eurozone

Germany’s Bundesbank remains an influential actor in eurozone policymaking, and its recent disagreements with the ECB raise concerns about managing the zone’s debt crisis. This Backgrounder explains.

November 3, 2014

Europe and Eurasia
The ECB Fails to Stress Banks Over the One Critical Variable It Controls: Inflation

Relentlessly falling inflation is bad news for Eurozone banks.  It increases the real (inflation-adjusted) value of borrower debt and the real cost of servicing that debt.  It causes loan defaults…

The ECB Fails to Stress Banks Over the One Critical Variable It Controls: Inflation

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

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…

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 21, 2013

Europe and Eurasia
Europe 2014: An Outlook from the ECB

Jörg Asmussen reflects on the European Central Bank's role in overcoming the eurozone crisis and the economic challenges for Europe ahead in 2014.

June 27, 2019

European Union
How Does the European Union Work?

The EU’s authority has steadily expanded as its members have passed more and more decision-making power to the union. How do its institutions work?

Members of the European Parliament during a voting session.

October 9, 2019

Taiwan
$130+ Billion in Undisclosed Foreign Exchange Intervention by Taiwan's Central Bank

Based on the profits and losses disclosed by Taiwan’s central bank, it appears that its true FX exposures exceed its disclosed foreign exchange reserves by USD 130bn, and perhaps by as much as USD 20…

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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.

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…