A significant economic recovery in the euro area (EA) has been underway in recent years. Nevertheless, major challenges still remain as the Banking Union (BU) is incomplete and the EA is not yet robust enough when it comes to its tools and policy arrangements.
The global financial crisis has pushed central banks to broaden and heavily exploit their monetary toolkits as well as to find new instruments for the more delicate financial stability domain. One weapon in the arsenal, forward guidance, had be put to good use on the monetary policy field as central bankers strived to tame markets, buy time for reforms and persuade the public of the existence of a light at the end of the tunnel.
20 December 2016 marked the 165th anniversary of Johan Gustav Knut Wicksell’s birth. One of the world’s most prominent economists. But, in all probability, the most underrated one as well, as some argue, myself included. His work is important for understanding both inflation and monetary issues and public finance-related matters. There are, however, two enormous contributions that Wicksell has made to the economic research method and that, to my knowledge, no one has highlighted so far.
Monetary policy, in the future, will probably be a mix of monetary aggregates control (via the use of macro-prudential measures – which are a euphemism for capital movement control) and more pragmatic inflation targeting...
During hearings in the US Congress the Commerce Secretary in the new Republican administration asserted that the United States wish ‘fair trade’. Such a statement indicates a radical change of vision regarding foreign trade relations if compared with the thinking that prevailed after 1945
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