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# Publications

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...

22nd November 2018 by MARIA DEMERTZIS, INÊS GONCALVES RAPOSO, PIA HÜTTL AND GUNTRAM B. WOLFF 628 views

# 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 810 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 2055 views

# Interviews

Die EZB ist als Institution ein Erfolg

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

4th December 2017 by Oliver Grimm 602 views

# Interviews

Vision prospective sur l’Europe

9th November 2017 by Journées de l'Economie 787 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 3748 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 972 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 1528 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 2026 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 1204 views