# 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 Guntram Wolff 1529 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 Guntram Wolff 2443 views

# Blog

Regarding your new responsibilities, Mr Centeno…

Versions of this opinion piece were published in Negocios, Politico, Kathimerini and La Repubblica. Dear Mr Eurogroup president! Congratulations, you are taking on a challenging task. Not only will you have to look after...

29th January 2018 by Guntram Wolff 1777 views

# Blog

Eurozone or EU budget? Confronting a complex political question

This week’s European Commission reflection paper is the latest document to ponder a distinction between EU and euro-area budgets. But do we need to split the two, and what would each budget be used for? In this post, I p...

29th June 2017 by Guntram Wolff 3091 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 2741 views

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# Publications

Which fiscal union for the euro area?

The construction of the euro area left aside the question of a fiscal union, but the crisis re-opened the debate. Read the full paper here. The paper was first published for the Conseil d’analyse économique in Fren...

18th February 2016 by Guntram Wolff 2902 views

# Blog

European banking supervisor should limit banks’ exposure to all eurozone governments, not just Greece

– The ECB’s quantitative easing programme provides the right conditions for introducing exposure limits On March 25 Europe’s new watchdog for banks, The Single Supervisory Mechanism, imposed limits on Greek banks’ ...

1st April 2015 by Guntram Wolff 3808 views

# Teaching

Macro Fiscal and PFM Issues for the East African Monetary Union

I gave a series of lectures at an IMF/ East Afritac workshop for high level officials interested in the East African Monetary Union drawing on the experience of the European Monetary Union....

21st April 2012 by Guntram Wolff 127 views