# Blog, Interviews

The Independence of the Central Bank at Risk

This article was first published by Frankfurter Allgemeine Zeitung in German, Friday 29 May 2020. The ruling of the German Federal Constitutional Court (GFCC) of May 5 on the ECB’s monetary policy affects not only the re...

2nd June 2020 by PETER BOFINGER, MARTIN HELLWIG, MICHAEL HÜTHER, MONIKA SCHNITZER, MORITZ SCHULARICK AND GUNTRAM B. WOLFF 869 views

# podcast

An analysis of the German Constitutional Court ruling on the ECB QE programme

The German Constitutional called today on the ECB to justify its bond-buying program. What does today’s ruling of the German Constitutional Court mean for the ECB’s QE program? Could such a decision open a pr...

5th May 2020 by Guntram Wolff 263 views

# Blog

ESM credit lines, ‘corona-bonds’, Euro-area Treasury, One-off joint expenditures: What are the options for the EU Council?

A version of this piece was also published in French. As the Covid-19 pandemic intensifies and now that Europe has become the epicentre of the pandemic, voices are being raised among EU Member States in support of a comm...

26th March 2020 by Grégory Claeys, Guntram Wolff 2216 views

# Publications

An effective economic response to the Coronavirus in Europe

The COVID-19 pandemic represents a major shock to the global and European economy. Most European countries need to take bold quarantine and lock-down measures, as has been done in Italy, to prevent an explosion of the ep...

12th March 2020 by MARIA DEMERTZIS, ANDRÉ SAPIR, SIMONE TAGLIAPIETRA AND GUNTRAM B. WOLFF 327 views

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# Publications

From climate change to cyber-attacks: incipient financial-stability risks for the euro area

The European Central Bank’s November 2019 Financial Stability Review highlighted the risks to growth in an environment of global uncertainty. On the whole, the ECB report is comprehensive and covers the main risks to eur...

7th February 2020 by ZSOLT DARVAS, MARTA DOMÍNGUEZ-JIMÉNEZ AND GUNTRAM B. WOLFF 436 views

# Blog, Interviews

Schädliche Kritik: Die EZB hat mit ihrer Geldpolitik viel richtig gemacht

Die Geldpolitik der Europäischen Zentralbank hat der EU geholfen. Deshalb sollte darüber neu und konstruktiv debattiert werden. Der Gastbeitrag für Frankfurter Rundschau. Die neue EZB-Präsidentin Christine Lagarde hätte ...

14th November 2019 by Marcel Fratzscher, Guntram Wolff 1241 views

# Interviews

The ECB actions will be enough, but what matters now is the common fiscal policy

My interview in La Stampa is here...

19th August 2019 by Guntram Wolff 586 views

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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 1749 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 1370 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 2421 views