# Blog

A new start for Greece?

Greece’s new government under prime minister Alexis Tsipras – in power for not even two weeks – has had a rollercoaster ride. In the face of crisis, it has exercised brinkmanship. It unilaterally declared that it w...

11th February 2015 by Guntram Wolff 1234 views

# Blog

The Greek banking system: a tragedy in the making?

As the ECB has decided to discontinue allowing Greek government bonds to be used as collateral in normal ECB refinancing operations, attention is fully back on the Greek banking system.1)The European Central Bank’s Gover...

6th February 2015 by Guntram Wolff 1907 views

# Blog

Greece and the euro area need a deal within days, not months

International press informs us that the Greek government believes it has weeks or perhaps months to negotiate a new deal with its creditors. The basic idea of the new Greek finance minister Yanis Varoufakis is that Greec...

2nd February 2015 by Guntram Wolff 1632 views

# Blog

The ECB has fired its bazooka

The ECB announced today an expansion of its asset purchases, to include securities issued by European agencies and institutions, as well as central government in the euro area. Purchases are intended to be continued unti...

22nd January 2015 by Guntram B. Wolff and Silvia Merler 1480 views

# Blog

The ECB’s bond-purchase dilemma

German opposition to government-bond purchases by the European Central Bank is solidifying ahead of the programme’s likely announcement on January 22. Elections in Greece that could bring a government that will seek to n...

21st January 2015 by Guntram B. Wolff, Marcel Fratzscher and Michael Hüther 1522 views

# 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 B. Wolff, Marcel Fratzscher and Michael Hüther 1706 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 1666 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 1919 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 1974 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 1347 views