# Blog

Die EZB ist verpflichtet, ihr Mandat zu erfüllen

Die Europäische Zentralbank (EZB) wird wohl am 22. Januar ein Ankaufprogramm für Staatsanleihen ankündigen. Die Sorgen über die Auswirkungen und die Effektivität des Programms sind groß. Die EZB muss vorsichtig die Koste...

19th January 2015 by Guntram Wolff 2731 views

# Blog

Sovereign QE and national central banks

Inflation continues to fall. The first outright deflation numbers since 2009 have been recorded and inflation expectations are clearly dis-anchored. Inflation and inflation expectations are now clearly below the 1.7 to 1...

13th January 2015 by Guntram Wolff 2588 views

# Blog

Why Grexit would not help Greece

The genie is out of the bottle: Europe is again discussing the possibility of Greece leaving the euro. With it, the debate has re-emerged whether this would be helpful or not for Greece and whether there would be contagi...

6th January 2015 by Guntram Wolff 2896 views

# Blog

How can Europe escape recession in 2015?

2014 will be remembered for two major unexpected developments. First, the European Union was caught by surprise by the return of geopolitics. The annexation of Crimea, the military conflict in Ukraine and the increasing ...

23rd December 2014 by Guntram Wolff 3149 views

# Blog

European banking union and financial integration

At a famous summit in June 2012, the European leaders announced that they intend to “break the vicious circle” between banks and sovereigns. This decision started a new step in European integration. Arguably, the creatio...

19th December 2014 by Guntram Wolff 2485 views

# Blog

Licht- und Schattenseiten einer Gemeinsamen Arbeitslosenversicherung

Das Problem: Die Arbeitslosigkeit in Europa ist in große Höhen angestiegen. Gleichzeitig bleibt das Wirtschaftswachstum gedämpft. Deshalb ist es an der Zeit, eine Debatte über mögliche zusätzliche wirtschaftspolitische I...

17th December 2014 by Guntram Wolff 2205 views

# Blog

What is behind the reduction of private sector debt? Comparing Spain and the UK

Spain and the United Kingdom are well ahead in the road to economic recovery [ref]See i.e. “Spain’s recovery boosts labour market“, Financial Times, for Spain and “Chart: The UK reaching pre-crisis GDP ...

2nd December 2014 by Guntram Wolff 2776 views

# Blog

Measuring Europe’s investment problem

The President of the European Commission is worried about the investment situation in Europe and has taken the initiative to propose a €300 billion investment plan to the December European Council meeting. Under the lead...

24th November 2014 by Guntram Wolff 2525 views

# Blog

Lessons from the Bank of Japan for the euro area

The decision of the Bank of Japan end of October 2014 to significantly expand its asset-buying programme came as a surprise. The yen weakened and stock markets rallied. The decision taken with only a small majority by th...

18th November 2014 by Guntram Wolff 2293 views

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# Publications

Eurosystem collateral policy and framework: Was it unduly changed?

All Eurosystem credit operations, including the important open market operations, need to be based on adequate collateral. Liquidity is provided to banks against collateral at market prices subject to a haircut. The Euro...

17th November 2014 by Guntram Wolff 7689 views