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July 9, 2015

Eurozone
The Role of the European Central Bank

As Europe continues to weather economic stagnation and a succession of debt crises, the European Central Bank has responded with an aggressive set of monetary policies that have redefined the bank’s …

Workers repair the euro sign in front of ECB headquarters

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

November 21, 2013

Europe and Eurasia
Europe 2014: An Outlook from the European Central Bank

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

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…

October 18, 2018

Italy
Does Italy Threaten a New European Debt Crisis?

Italy’s populist government has relished defying the European Union, and its latest showdown with Brussels could threaten the continent’s fragile recovery—and the global economy.

Conte

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

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.

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…

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