# 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 3223 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 Guntram Wolff 2531 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 Guntram Wolff 2896 views

# Blog

Central banks: from omnipotence to impotence?

Like the price of financial assets, the market assessment of the capacity of central banks to achieve their price stability objective fluctuates between omnipotence and impotence. We do not agree with this binary view of...

2nd March 2016 by Guntram Wolff 3174 views

# Blog

Have central banks lost their ability to control inflation?

The potential effects of global integration on inflation dynamics, and whether this could affect the ability of central banks to fulfil their mandates. This post was first published on Bruegel. After soaring in th...

2nd December 2015 by Guntram Wolff 2889 views

# Blog

The ECB and politics in an era of low interest rates

This op-ed was originally published in the Handelsblatt, Nikkei Veritas and Nikkei Asian Review and Linkiesta. The ECB is often criticised for its low interest rate policy – especially in Germany, where this is fel...

26th November 2015 by Guntram Wolff 2437 views

# Publications

Is globalisation reducing the ability of central banks to control inflation?

After soaring in the 1970s, inflation in Organisation of Economic Cooperation and Development countries stabilised, coming down from 9 percent on average in the early 1980s to about 2 percent in the years before the cris...

13th November 2015 by Guntram Wolff 2363 views

# Publications

Schriftliche Stellungnahme Bundestagsanhörung „Niedrigzinspolitik der EZB“

This Policy Contribution was prepared for the Financial Committee of the German Bundestag. It is only available in German. Zusammenfassung Reale Renditen fallen weltweit mindestens seit Anfang der 1980er Jahre, so auch i...

5th November 2015 by Guntram Wolff 2503 views

# Blog

Inflation expectations and global risks: the need for ECB action

The ECB will have its next monetary decision meeting on Thursday. Instead of following politically motivated statements that complain about low nominal rates, the ECB needs to focus on its mandate: price stability, defin...

21st October 2015 by Guntram Wolff 3101 views

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# Publications

The Vulnerability of Europe’s Small and Medium-Sized Banks

We study the vulnerability of 130 banks directly supervised by the European Central Bank’s Single Supervisory Mechanism. Illustrative stress tests using banks’ balance sheet data reveal that significant stress prevails i...

16th July 2015 by Guntram Wolff 3031 views