# podcast

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 ...

5th June 2018 by Guntram Wolff 446 views

# Blog

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...

30th December 2017 by Guntram Wolff 1849 views

# Interviews

Die EZB ist als Institution ein Erfolg

Mein letztes Interview in Die Presse. Hier das pdf....

4th December 2017 by Oliver Grimm 357 views

# Interviews

Vision prospective sur l’Europe

9th November 2017 by Journées de l'Economie 560 views

# Blog

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...

17th May 2017 by Guntram Wolff 3093 views

# Blog

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...

8th December 2016 by Maria Demertzis, Guntram B. Wolff 629 views

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# Publications

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...

30th November 2016 by Maria Demertzis, Guntram B. Wolff 1101 views

# Blog

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...

28th September 2016 by Guntram Wolff 1823 views

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# Publications

The effectiveness of the European Central Bank’s Asset Purchase Programme

Since the end of 2014, inflation has been at or very close to zero. With very little ability to move the actual interest rate further into negative territory, the ECB has resorted to unconventional measures. The latest o...

23rd June 2016 by Maria Demertzis, Guntram B. Wolff 948 views

# Blog

Mere criticism of the ECB is no solution

This piece was first published by the Frankfurter Allgemeine Sonntagszeitung in a shortened version. It is also published in various national newspapers, including Le Monde. The eurozone remains in a deep, largely...

10th April 2016 by Marcel Fratzscher, Reint Gropp, Hans-Helmut Kotz, Jan Krahnen, Christian Odendahl, Beatrice Weder di Mauro, Guntram Wolff 1179 views