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Spain needs pre-emptive action
The wobble in risk assets in the past week has followed the Fed’s shift towards hawkishness, weaker US jobs data and the budget announcement in Spain. The fact that eurozone equities have once again...
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IMF sees steady but fragile growth
IMF Managing Director Christine Lagarde discusses global economic priorities at the Brookings Institution, April 12, 2012 The Spring Meetings of the IMF and the World Bank will be the focus of market...
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The eurozone loses its power to shock
In the second half of 2011, the twists and turns in the eurozone crisis dominated global markets to such an extent that nothing else seemed to matter. This remained true in January and February of this...
View ArticleWhy UK GDP continues to lag the G7
The UK GDP figures for 2012 Q1 are due to be published on Wednesday, and are likely to be followed by the usual out-pouring of angst about whether the economy is in a “technical” recession. This will...
View ArticleThe consequences of anti-austerity politics
A few weeks ago, I wrote that the twists and turns in the eurozone crisis had, in the early months of 2012, lost the power to shock global asset prices. The reason given was that the prophylactic...
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A parallel currency for Greece?
Getty Images Based on the latest opinion polls, the Greek election could result in a highly confused outcome, with the new government being unable or unwilling to meet any budgetary terms acceptable to...
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The eurozone after Cyprus
The calmness of the financial markets in the face of the deteriorating Cyprus crisis in the past week has been remarkable. Although Cyprus is tiny enough to be completely overlooked in most...
View ArticleCash boost for troubled eurozone economies
The eurozone is reluctant to admit formally that it is changing its austerity strategy, but in fact it is searching in every corner of national budgets to alleviate the squeeze on its troubled...
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What the ECB can and cannot do to heal the eurozone
The recent rise in eurozone equities, along with a sharp further decline in peripheral bond spreads, has occurred in the face of continuing disappointing data on economic activity. Real GDP in the...
View ArticleDoes the ECB have anything left in the locker?
Market expectations about Thursday’s ECB meeting had become quite bullish in the past couple of weeks (see this blog), and Mr Draghi went just far enough to justify those expectations by cutting the...
View ArticleThe dramatic adjustment in eurozone trade imbalances
Martin Wolf’s column on Wednesday and his subsequent blogpost have once again focused attention on the importance of trade flows in the eurozone. Martin’s argument is that the German strategy of fiscal...
View ArticleWhy the ECB is reluctant to “go negative”
The ECB decided yesterday against “going negative” by reducing its deposit rate from zero to -0.25 per cent. The Governing Council again debated the pros and cons of such a measure, which would...
View ArticleGermany is stalling
Tuesday’s extremely weak German industrial production figures published for August have come an awkward time for the German government. An informal “employment conference” including some EU leaders has...
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A critical few weeks for the eurozone
© Hannelore Foerster/Getty Images The markets are waking up to the fact that the euro area faces a critical few weeks in which its economic path for 2015, and maybe for much longer, will be largely...
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Spain needs pre-emptive action
The wobble in risk assets in the past week has followed the Fed’s shift towards hawkishness, weaker US jobs data and the budget announcement in Spain. The fact that eurozone equities have once again...
View ArticleClik here to view.
IMF sees steady but fragile growth
IMF Managing Director Christine Lagarde discusses global economic priorities at the Brookings Institution, April 12, 2012 The Spring Meetings of the IMF and the World Bank will be the focus of market...
View ArticleClik here to view.
The eurozone loses its power to shock
In the second half of 2011, the twists and turns in the eurozone crisis dominated global markets to such an extent that nothing else seemed to matter. This remained true in January and February of this...
View ArticleWhy UK GDP continues to lag the G7
The UK GDP figures for 2012 Q1 are due to be published on Wednesday, and are likely to be followed by the usual out-pouring of angst about whether the economy is in a “technical” recession. This will...
View ArticleClik here to view.
Mr Draghi finally delivers
© Hannelore Foerster/Getty Images And then there were none. On Thursday, the European Central Bank became the last of the major central banks to announce a large programme of quantitative easing,...
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The global economy — debate with Wolf and Buiter
© Getty Images This week, I participated in a discussion about the future of the global economy with Martin Wolf and Willem Buiter. The session was at the FT’s Business of Luxury summit in Monaco....
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