Sen. Sanders Again Targets Regional Fed Boards http://t.co/2TBiwYvPhD
15 minutes ago
Europe Channel: Latest Posts
-
The Kapali Carsi
Another surprise from the Central Bank of Turkey?
The Central Bank of Turkey will be holding its monthly rate-setting Monetary Policy Committee (MPC) meeting tomorrow. Of the twelve economists polled by business channel CNBC-e, four expect a cut in the floor of the Bank’s interest rate corridor. Of these four, only one expects the ceiling of the corridor to be lowered as well. [...]
-
Europe
UK Retail Sales Slip Back
Retail sales slipped by 0.1% in volume terms in December, according to the Office for National Statistics, while excluding automotive fuel they dropped by a slightly larger 0.3%. Year-on-year the two measures showed rises of 0.3% and 1.1% respectively. These were disappointing figures, confirming the absence of a meaningful consumer recovery as above-target inflation squeezes [...]
-
Europe
Eurozone Crisis: It Ain’t Over Yet
All G7 economies are struggling in the post-crisis climate, but US GDP has recovered to pre-crisis levels, while the Eurozone simply hasn’t. This column portrays the global crisis as a transitory shock for the US, but as a quasi-permanent shock for Europe. The policies that are needed get the Eurozone back on track do not [...]
-
Europe
Inflation at 2.7%—The New Norm?
Consumer price inflation came in at 2.7% in December, the same as in November and October. Though this shows a very sticky inflation rate, there was some relief that it was not a bit higher. RPI inflation edged up from 3% to 3.1%. For those who are interested, the new RPIJ inflation measure, were it [...]
-
Nouriel Roubini's Global EconoMonitor
The Year Ahead in the Eurozone: Lower Risks, Same Problems
Financial conditions in the eurozone have significantly improved since the summer, when eurozone risks peaked because of German policymakers’ open consideration of a Greek exit, and the sovereign spreads of Italy and Spain reached new heights. The day before European Central Bank President Mario Draghi’s famous speech in London in which he announced that the [...]
-
Europe
Why Cyprus Is Important
European officials have impressed upon investors that the tail risks of a EMU break up have receded markedly. Some officials talk even that the crisis is over. The premium Italy, and to a less extent, Spain, pay over Germany have narrowed to levels that had previously thought possible only if the ECB were to make [...]
-
Europe
Bullard and the “Fiscalization” of Monetary Policy
I am struggling with the latest speech by St. Louis Federal Reserve President James Bullard. The speech is titled ”The Global Battle Over Central Bank Independence,” but in the process confuses fiscal policy stabilization as necessarily a threat to central bank independence, travels down a bizarre road that appears to be a misunderstanding of European monetary [...]
-
Europe
EU austerians rely on US stimulus to bail them out of recession
The New York Times’ web version ran a story this morning (January 8, 2013) entitled “Unemployment Continues to Climb in Euro Zone.” Eurostat reports that Eurozone unemployment has reached the record rate of 11.7%, with 18.8 million unemployed (an increase of two million in a year). “[Y]outh unemployment continues to grow, with 5.8 million people under 25 classified [...]
-
Europe
IMF Austerity Mea Culpa?
A number of folks are looking at the latest IMF paper (here) as a startling admission of the failure of Austerity: “Consider it a mea culpa submerged in a deep pool of calculus and regression analysis: The International Monetary Fund’s top economist today acknowledged that the fund blew its forecasts for Greece and other European [...]
-
Europe
Prospects for the Global Economy in 2013
CFR’s A. Michael Spence thinks that 2013 augurs better for the world economy, but cautions that lagging employment and income inequality will hamper a robust recovery. In contrast, CFR’s Robert A. Kahn cautions that Europe’s debt crisis is far from being solved and that without growth, “we are likely to see Europe again at the [...]
