Monetary policy

China and the renminbi matures

In economic terms, China is becoming more of an adult, and the renminbi is becoming a grown-up currency. Russia's actions in Ukraine have prompte

Jim O‘Neill

European Central Bank accountability: how the monetary dialogue could be improved

This Policy Brief was prepared for the European Parliament's Monetary Dialogue with the President of the European Central Bank Mario Draghi. The autho

Mark Hallerberg, Olga Tschekassin and Grégory Claeys

Monetary policy cannot solve secular stagnation

What role can quantitative easing play? I am not quite as negative on QE as Olivier Blanchard but certainly agree that it cannot fundamentally solve t

Guntram B. Wolff

Why should Germany reduce its current-account surplus?

Zsolt Darvas

The ECB's rate cut is a surprising, but good move

Guntram B. Wolff

‘Genuine Economic and Monetary Union’ and the implications for the UK

Inquiry into genuine Economic and Monetary Union in the sub-committee for European and Financial Affairs in the European Union Committee.

Guntram B. Wolff

Will Europe pay for Japan?

As the Bank of Japan is rolling out its new programme of quantitative easing, a significant debate about the impact on Europe is emerging. Is Japan en

Guntram B. Wolff

Real exchange rate adjustments around the globe

The crisis's asymmetric impact on advanced and emerging economies and their different outlooks highlight the need for exchange rate adjustments

Zsolt Darvas

A budget for Europe's monetary union

In a monetary union, national fiscal deficits are of limited help to counteract deep recessions; union-wide support is needed. A common euro-area budg

Guntram B. Wolff

The G-20 and the currency war

Jean Pisani-Ferry

Real Convergence, Price Level Convergence and Inflation in Europe