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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.

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…

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

July 5, 2012

Economic Crises
Fraying European Unity

The financial and political crisis facing Europe can only be redressed with further eurozone integration that the continent’s publics may not be ready for, says CFR’s Charles A. Kupchan.

June 14, 2011

Greece
A ’Deepening’ European Union

Though Standard and Poor’s ranks Greece as the world’s lowest-rated economy, calling into question the eurozone’s future, economist Iain Begg says the debt crisis will paradoxically have the effect o…

July 26, 2005

Europe
Mining European data

I spent some time over the weekend delving into the Eurozone balance of payments data published by the ECB in its monthly bulletin, looking for insights into the global flow of funds. But to jazz thi…

October 18, 2016

Monetary Policy
Large Scale Central Bank Asset Purchases, by Currency

In an earlier post, I added reserve purchases by the world’s major emerging market central banks, Japan and Switzerland to the bonds purchases by the Fed, the BoJ, the ECB and Bank of England. I want…

usd

October 20, 2016

Monetary Policy
Large Scale Central Bank Asset Purchases, Versus Supply

In earlier posts, Emma Smith and I added up central bank purchases of G-4 government bonds. This includes emerging market, Japanese and Swiss purchases for reserve accumulation and purchases by the F…

us-demand-supply

November 20, 2014

Europe and Eurasia
Bank Valuations Tank as ECB Flubs Its Stress Test

Low market valuations (i.e., price to book ratios) for euro area banks reflect market concerns over their capital cushions, opined the Bank of England just prior to last-year’s launch of the ECB s…

Bank Valuations Tank as ECB Flubs Its Stress Test

September 9, 2014

Global
With Growth Stalled, ECB Begins Asset Purchase Program

White House Advisor Caroline Atkinson, Morgan Stanley's Vincent Reinhart, and Emi Nakamura of Columbia University join CFR's Sebastian Mallaby to discuss the latest developments in the world economy.