The European Central Bank Between The Financial Crisis And Populisms

Author : Corrado Macchiarelli
Publisher : Springer Nature
ISBN 13 : 3030443485
Total Pages : 197 pages
Book Rating : 4.81/5 ( download)

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Download or read book The European Central Bank between the Financial Crisis and Populisms written by Corrado Macchiarelli and published by Springer Nature. This book was released on 2020-08-25 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: ​In light of the handover from the European Central Bank President Mario Draghi to Christine Lagarde in November 2019, this book provides an in-depth analysis of the events which unfolded since the euro area sovereign debt crisis in 2010 up until today. The book focuses on the far-reaching implications of the last decade, shedding light on a wide spectrum of political, economic and financial aspects of the European poly-crises and how monetary policy reacted to these challenges. The book places particular emphasis on the tensions that the supranational central bank was subject to during this period, and on their outcomes in terms of the policies, their legitimacy, and their public reception. As such, this book will be relevant not only to understand the political implications of the past crisis but also, and foremost, in understanding "what is next".

Author : Massimo Rostagno
Publisher : Oxford University Press
ISBN 13 : 0192649280
Total Pages : 496 pages
Book Rating : 4.87/5 ( download)

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Download or read book Monetary Policy in Times of Crisis written by Massimo Rostagno and published by Oxford University Press. This book was released on 2021-06-11 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first twenty years of the European Central Bank (ECB) offer a clear demonstration of how a central bank can navigate macroeconomic insecurity and crisis. As the global economy moves into a new phase of unheralded uncertainty, the story of the ECB holds multiple lessons of wider significance for the central banking community and researchers of monetary policy. This volume provides a unique account of how the ECB has reacted to the challenges confronting the euro area through its monetary policy, turning to innovative measures and unprecedented policy actions to fend off the various threats posed by the global financial turmoil of 2007/08, the euro area sovereign debt market crisis, and the subsequent period of anaemic growth and deflationary pressures. It also addresses some of the criticisms the ECB has faced regarding its policy initiatives. It identifies the ultimate motivation behind the ECB's cautious attitude in the early phases of the financial crisis, and its peculiar definition of price stability and attention for credit creation, as well as addressing the criticism that central banks were fundamentally unprepared to head off a major financial cataclysm as they were wedded to a deficient economic paradigm which made them blind to financial risks. It also shows that the ECB's unconventional low-interest policies have not compromised the position of financial intermediaries in the way commentators initially predicted they would. By condensing the facts and lessons of the first 20 years of the ECB, this volume will acquaint the reader with the structures and decision-making processes behind the complex, often controversial, crisis measures that were taken during some of the toughest economic challenges in the history of modern Europe, and provide them with fresh ex-post analysis on their effect on the real economy and inflation.

Author : Panicos O. Demetriades
Publisher :
ISBN 13 : 9781788211550
Total Pages : pages
Book Rating : 4.53/5 ( download)

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Download or read book Central Bank Independence and the Future of the Euro written by Panicos O. Demetriades and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Katharina Lurz
Publisher : GRIN Verlag
ISBN 13 : 3668746052
Total Pages : 21 pages
Book Rating : 4.53/5 ( download)

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Download or read book The International Monetary Fund, the European Central Bank and the Federal Reserve and their Role in the Economic Crisis written by Katharina Lurz and published by GRIN Verlag. This book was released on 2018-07-09 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2015 in the subject Politics - Region: USA, grade: 1,0, University of Bonn, language: English, abstract: This term paper is going to elaborate on the tasks and functions of certain international financial institutions, and subsequently on their role and course of action in the economic crisis. The institutions selected for that end are the International Monetary Fund, the European Central Bank and the Federal Reserve. Interestingly, all of these institutions have different spheres of influence, namely worldwide, Europe and the US, which also responds to the global character of the crisis itself. This suggests a global rescue effort which "transcended national boundaries" (Mihm and Roubini 177). This paper is concerned with the question what significant measures the respective institutions took and whether these actions were consistent with their original mandate and key objectives. For this purpose, each international institution will be examined individually, first according to their function and tasks (in tranquil times), and then with focus on their measures and reactions in the course of the economic crisis.

Author : Jean-Michel Paul
Publisher : Tomson
ISBN 13 : 981141730X
Total Pages : 354 pages
Book Rating : 4.06/5 ( download)

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Download or read book The Economics of Discontent written by Jean-Michel Paul and published by Tomson. This book was released on 2019-06-14 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: The social contract that has underpinned growth and political stability in the Western world since World War II has broken down. Houses, health care and higher education have become unaffordable to a majority of people, while the burden of unregulated monopolies, globalization and uncontrolled immigration has fallen disproportionately on the lower and middle classes. Wrapped in political correctness, an increasingly out of touch Western elite continues catering to special interests and fails to grasp the urgency for change. Populist movements harnessing public anger appear unable to propose and implement effective solutions. The last financial crisis was bad enough. But the next crisis will spread deeper and wider. And yet we stand economically, politically and most of all intellectually unprepared. This book is the story of how we have arrived at the brink of disaster and how we can move away from the win-lose policies of recent decades to restore much-needed balance.

Author : James A. Dorn
Publisher : Cato Institute
ISBN 13 : 1952223555
Total Pages : 316 pages
Book Rating : 4.56/5 ( download)

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Download or read book Populism and the Future of the Fed written by James A. Dorn and published by Cato Institute. This book was released on 2022-04-19 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book brings together some of the greatest thought leaders and monetary policy scholars to examine how the Fed is being politicized and what that means for our economy." -Jeb Hensarling, Former Chairman, House Financial Services Committee The 2008 financial crisis and the Covid-19 pandemic greatly expanded the Fed's scope and power. Populism and the Future of the Fed features highly readable essays that avoid technical jargon and provide a broad perspective on core issues-including the populist challenge to Fed independence, fiscal dominance and the return of inflation, the limits of Fed power versus the expansion of its dual mandate, and the strange world of helicopter money and fiscal QE. One could argue that those who want the Fed to allocate credit, help fund a Green New Deal, engage in helicopter drops, and so on, are well intentioned. However, the real issue is whether such actions are consistent with long-run price stability and the rule of law. Thus, several questions come to mind. What are the limits to what the Fed can do and what it should do in a free society? Where do we draw the line between fiscal and monetary policy? Do we want an activist central bank with wide discretion or a limited central bank guided by a monetary rule? What are the risks populism poses for the conduct of monetary policy, Fed independence, and central bank credibility? And can the Fed control inflation if populism and fiscal QE become pervasive? The distinguished contributors to this volume address those questions in a clear and compelling manner that will help improve both policymakers' and the public's understanding of the complex relationship between politics, policy, and the rule of law.

Author : James K. Jackson
Publisher : DIANE Publishing
ISBN 13 : 1437922716
Total Pages : 39 pages
Book Rating : 4.14/5 ( download)

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Download or read book Financial Crisis written by James K. Jackson and published by DIANE Publishing. This book was released on 2010 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) Overview: Financial Architecture; Economic Performance; (2) The Financial Crisis and the European Union; (3) Phase I ¿ Build-up; (4) Phase II ¿ Liquidity Issues: Central Bank Operations; Interest Rates; Currency Swap Facilities; Depositor Guarantees; (5) Phase III ¿ Solvency and Deleveraging: The ¿European Framework for Action¿; ¿Bad Banks¿; (6) Phase IV ¿ Fiscal Intervention; European Economic Recovery Plan; Germany; France; United Kingdom; (7) Outlook. Charts and tables.

Author : Mr. Harold James
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 308 pages
Book Rating : 4.02/5 ( download)

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Download or read book The IMF and the European Debt Crisis written by Mr. Harold James and published by International Monetary Fund. This book was released on 2024-01-05 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book explores the Fund’s engagement in Europe in the aftermath of the 2008 global financial crisis, and especially after 2010. It explains how, why, and with what consequences the International Monetary Fund—along with the European Central Bank and the European Commission (together known as “the troika”)—supported adjustment programs in Greece, Ireland, Portugal, and Cyprus as well as helping to monitor Spain’s adjustment program and exploring modalities for supporting Italy. Additionally, it analyzes how the euro area developments interacted with and affected the rest of Europe, including not only eastern and southeastern Europe but also the United Kingdom, where the political fallout from post-financial crisis populism—in the form of “Brexit” from the European Union—was, in the end, the most extreme. The IMF’s European programs embroiled the Fund in numerous controversies over the exceptionally large lending, over whether or not to impose losses on private creditors, and over the mix between external financing and internal adjustment undertaken by program countries. They also required the IMF to confront longstanding questions about its governance and evenhandedness in the treatment of different segments of its membership. The crisis programs, with Greece, Ireland, Portugal and Cyprus, all revolved around debt sustainability. In the Greek case, after an intense internal debate, the IMF initially chose a program without debt reduction because it feared that such a program–even if ultimately in the interests of Greece, the client country–would trigger a panic of banks and other creditors and thus generate contagion for the rest of Europe. Learning from the Greek case, in Ireland and Portugal, the IMF pushed for debt reduction, to which the government in Ireland but not in Portugal was sympathetic. There was thus no private sector debt reduction in Ireland and Portugal. The European programs were caught up in big geopolitical debates about the appropriate role of the Fund in the aftermath of the global financial crisis. The book examines the intellectual and policy shifts that took place in the IMF as a result of the controversies about its European programs. It concludes with some reflections on how all the programs also produced genuine policy reform and held out the possibility of a return to growth and prosperity.

Author : Éric Monnet
Publisher : University of Chicago Press
ISBN 13 : 0226825477
Total Pages : 212 pages
Book Rating : 4.72/5 ( download)

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Download or read book Balance of Power written by Éric Monnet and published by University of Chicago Press. This book was released on 2024-04-23 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks now stand between societies and collapse, but are they still democratic? Two decades of financial crises have dramatically expanded central banks’ powers. In 2008, and then again in 2020, unelected banking officials found themselves suddenly responsible for the public welfare—not just because it was necessary but based on an idea that their independence from political systems would insulate them from the whims of populism. Now, as international crises continue and the scope of monetary interventions grows in response, these bankers have become increasingly powerful. In Balance of Power, economist and historian Éric Monnet charts the rise of central banks as the nominally independent—but unavoidably political—superpowers of modern societies. This trajectory, Monnet argues, is neither inevitable nor unstoppable. By embracing the political natures of today’s central banks, we can construct systems of accountability for how they interact with states and societies. Monnet shows that this effort will do more than guard against unjust power; it will put the banks to work for greater, more democratic ends. With existential challenges looming and the work of the Federal Reserve and European Central Bank more important than ever, Balance of Power offers a trenchant case for what this century’s central banks can—and must—become.

Author : L. Smaghi
Publisher : Springer
ISBN 13 : 033398188X
Total Pages : 209 pages
Book Rating : 4.87/5 ( download)

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Download or read book Open Issues in European Central Banking written by L. Smaghi and published by Springer. This book was released on 2000-01-04 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the start of EMU, the Eurosystem has taken over monetary policy for the 11 countries of the Euro-area. But the division of powers within the Eurosystem, between the European Central Bank and the constituent National Central Banks, is not satisfactory. This volume provides an analysis of the strengths and weaknesses of the Eurosystem and offers concrete proposals concerning the decision-making organs, balance sheets and the distribution of seigniorage.