Tag Archives for ECB
The Coming Crisis: the monetary policy credibility trap
In the latest blog in SPERI’s series on ‘The Coming Crisis’ Jacqueline Best asks: what do central banks and governments do when exceptions to the monetary policy rules keep piling up? Quite a few commentators have noted that central bankers have become rather less boring of late. Since the 2008 financial crisis, central banks have taken on new roles and … Continue reading
A clash of two projects: fundamental rights and the European Monetary Union
The EU could re-introduce fundamental rights into the governance of the Eurozone merely by holding to commitments it has already made Over the last five years the response to the Eurozone crisis has given rise to a framework of governance that has become increasingly hostile to domestic social standards. Yet, in the decade prior to this, the EU went through … Continue reading
Vorsprung durch Technik? Germany and the Eurozone crisis
Key aspects of Germany’s approach to the Eurozone crisis are structural, but they still have a ‘dark side’ So, Greece managed to make its loan repayments (€750m to the IMF) on 11 May 2015. However, the road ahead remains arduous, with almost daily speculation about GREXIT. Relations with Germany were never going to be easy, given their governments’ diametrically opposed … Continue reading
Saving ‘Social Europe’
Reinterpreting the rules ‘by stealth’ is all that is presently possible in governing the Eurozone economy During the euro’s sovereign debt crisis, European leaders have been obsessed with rules, numbers and pacts. These include the ‘Six-Pack’, the ‘Two-Pack’ and the ‘Fiscal Compact’, each more stringent on the nature of the rules, more restrictive with regard to the numbers and more … Continue reading
The Coming Crisis: systemic stabilization and the investment state
A new ‘investment state’ is needed to provide stability in the new uncertain political economy of shadow money, financial instability and demand deficiency We live in an era characterised by a confusing evolutionary dynamic relationship between financial innovation, the state and patterns of investment that we barely understand. At the core of this conundrum is the little understood issue of … Continue reading →
18 May 2016 by Andrew Baker & Richard Murphy
Categories: British growth crisis, Finance, Politics and policy, SPERI Comment, Sustainability, The coming crisis | Tags: BIS, ECB, investment, Keynes, Monetary Policy, money, productivity, QE, recession, shadow money, State | Leave a comment