The ECB actions will be enough, but what matters now is the common fiscal policy
My interview in La Stampa is here...
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How to provide liquidity to banks after resolution in Europe’s banking union
Banks deemed to be failing or likely to fail in the banking union are either put into insolvency/liquidation or enter a resolution scheme to protect the public interest. After resolution but before full market confidence...
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Central banking and the problem of unelected power
Paul Tucker, former deputy governor of the Bank of England, joins me to discuss the thesis of his new book, as well as the current tensions within current models of central banking governance. We discuss whether the ECB ...
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Opportunities and risks in Europe in 2018
This opinion piece was published by Nikkei Asia Review and Nikkei Veritas as well as Kathimerni. As 2017 draws to a close, it is a good moment to review the main risks for the upcoming year and explore some of the...
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Die EZB ist als Institution ein Erfolg
Mein letztes Interview in Die Presse. Hier das pdf....
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What could a euro-area finance minister do?
With the election of Emmanuel Macron as president of France, the idea of a euro-area treasury and finance minister is back in the limelight. The election programme of Emmanuel Macron calls for “a budget for the euro area...
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Eurozone QE and bank profitability: Why it is too early to taper
This opinion piece was published in El Economista, Finance, Hospodárské Noviny, and Tagesspiegel. The quantitative easing (QE) programs that started in the second quarter of 2015 remain controversial, especially in Germa...
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What impact does the ECB’s quantitative easing policy have on bank profitability?
Quantitative easing (QE) affects banks’ profitability in three main ways. First, as QE drives up bond prices, banks holding such bonds see their balance sheets strengthened. Second, QE reduces long-term yields and thereb...
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Draghi enteignet die Sparer nicht
This text was published in Manager Magazin. Debatte über die EZB ja – aber bitte sachlich Die EZB reagiert mit ihrer Geldpolitik nur auf die schwache wirtschaftliche Lage. Sie ist nicht dafür zuständig, für hohe R...
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