Briefing Paper on TARGET2 Balances
The Eurosystem’s often-misunderstood TARGET2 balances have again become a topic featured in op-eds and bank briefing documents. I’m posting this […]
Central Banks, Euro Crisis
Central Banks
Banking, Central Banks, Euro Crisis
ECB Decision Likely Means Greek Banks Stay Closed
Some comments on today’s ECB Governing Council decision to cap ELA for Greek banks.
Banking, Central Banks, Euro Crisis
The Grexit Mechanism: What It Means For The Future Of the Euro
A discussion of the mechanism that is potentially driving Greece out of the Eurozone and its implications for the future
Central Banks, Euro Crisis
The Puny Fiscal Effects of European QE
Lots of people think the euro area’s central banks will be handing back all the interest payments they receive on
Central Banks, Euro Crisis
How Does QE Work? A Picture Worth a Thousand Words
With QE purchases starting a few days ago, some thoughts on how QE works with a nice graph to explain.
Central Banks, Euro Crisis
Can QE Be Bad For Taxpayers?
Some new thoughts on the “can you make losses printing money” theme, this time with a Hans-Werner Sinn angle.
Banking, Central Banks, Euro Crisis
So What Did ECB Just Do To Greece?
The situation in Greece continues to tick over. An explanation of the ECB’s decision tonight to cut off various Greek
Banking, Central Banks, Euro Crisis
What’s Going On with Greece and the ECB?
It’s complicated. But it’s got nothing to do with technocratic ECB rules.
Banking, Central Banks, Euro Crisis
An ECB QEsplainer
My thoughts on the ECB’s QE announcement. Perhaps a bit long, perhaps a bit disorganised ….
Banking, Central Banks, Euro Crisis
The Myth of the Special German Saver
Everyone knows German savers are special, don’t they? Not so much it turns out. Read here.