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European Central Bank Resists Calls to Act in Debt Crisis
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Germany opposes aggressive buying of the bonds of Italy and Spain by the European Central Bank. Prime Minister Zapatero of Spain calls on the ECB to take action as Spanish bond yields reach 7% on Nov. 17, 2011. Germany sees the crisis as serving a constructive purpose as forcing the fiscally unstable countries to make changes.
European Central Bank.
06/21/2010
The ECB under Trichet and efforts to give new powers on fiscal issues to the European Commisssion.
Grouped Articles
ECB Chief Seeks Tighter Fiscal Union
Wall Street Journal 06/22/2010
Trichet to Push for New Fiscal Surveillance
Wall Street Journal 06/21/2010
ECB Walks a Fine Line Siphoning Off Its Liquidity
Wall Street Journal 06/29/2010
New Euro-Zone Rules Could Backfire
Wall Street Journal 11/01/2010
2 Major European Banks Keep Record-Low Rates
New York Times 11/04/2010
ECB Seeks Funds for Capital Base
Wall Street Journal 12/17/2010
The views of Axel Weber, former head of the Bundesbank, on the ECB's role and the need to address the underlying problems in Greece
04/19/2010
Axel Weber says the European Central Bank should stick to its mandate of setting monetary policy and not get too involved in the crisis in Greece. He says Greece's problems are structural and may take a long time to resolve, as much as 30 years. The European leaders have to decide on solving the underlying problems so that they cut the losses and restart, by offering debt guarantees and using partial creditor haircuts. Simply giving additional loans -which can never be repaid considering the debt of 350 billion euros ($496 billion)- or addding short term liquidity for a 3-5 year solution as European leaders have done so far, won't work.
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
Weber Sees Greece Needing More Aid
Wall Street Journal 04/19/2010
The 'Silent Austerity' in Banking
Wall Street Journal 01/21/2014
Not Quite Checkmate for the Bundesbank
Wall Street Journal 12/22/2014
Germany's Weber Slams Rescue Efforts
Wall Street Journal 06/27/2011
Allan Meltzer's soluton for the financial crisis facing euro currency countries Portugal, Spain, Italy, Ireland and Greece
05/26/2010
Meltzer says a new currency union should be setup for the northern countries France, Germany, and others who commit to financial discipline and fiscally binding arrangements. The euro currency countries such as Italy and Greece should devalue their currency to fix gaps between wages and productivity in their countries. At a later stage these countries could be readmitted to the new currency union under strict fiscally binding arrangements with enforceable sanctions.
Grouped Articles
Germany reaps rewards of entitlement cuts - The Washington Post
Washington Post 09/20/2011
New York Times 09/25/2011
New York Times 05/26/2010
Wall Street Journal 09/14/2011
IMF Chief's Change of Tune on Bank Capital
New York Times 09/14/2011
Austerity in Italy May Not End Its Jobs-for-Votes System
New York Times 09/14/2011
What does Germany want from the Euro and the European Union? The Euro issue facing Germany in 2011-2015
03/03/2010
German political leaders do not want a "transfer union." At the same time they want to keep the European Union, just as much as Chancellor Kohl and Chancellor Adenauer. Merkel, Schroeder, Schauble and other leaders agree on the need for the European Union. The question is how to bring fiscal discipline to the EU, even if this means redesigning the structure of the EU. The vision of a united Europe persists.
Grouped Articles
Wall Street Journal 03/03/2010
Germany's Surplus Isn't the Problem
Wall Street Journal 11/11/2013
New York Times 05/22/2014
Greek Crisis Shows How Germany’s Power Polarizes Europe
Wall Street Journal 07/07/2015
Economist 08/08/2015
Charlemagne: Germany’s euro question
Economist 09/10/2011
The ECB and buying of government bonds of troubled eurozone countries
08/07/2011
The purchases of Italian and Spanish bonds by the European Central Bank in addition to its holdings of 75 billion euros of Portuguese, Greek and Irish bonds creates additional balance sheet risk for the ECB. Losses in the value of collateral could wipe out the 10 billion euro capital base of the ECB. The pressing need to give resources and new powers to the European Financial Stability Facility so that this agency could do the bond buying in the place of the ECB.
Grouped Articles
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
ECB’s Coeuré Sends Strong Signal on Asset Purchases
Wall Street Journal 12/18/2014
European Markets Jolted by ECB Proposal
Wall Street Journal 01/21/2015
Quiet Start to Central Bank Bond-Buying Program for the Eurozone
New York Times 03/09/2015
Wall Street Journal 03/10/2015
Wall Street Journal 08/08/2011
Italy's Mario Draghi, as the new president of the ECB
04/20/2011
Grouped Articles
ECB Moves Markets, Not Economy
Wall Street Journal 05/03/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
Italian Gains Support in Central Bank Race
Wall Street Journal 04/20/2011
Paris Backs Italy's Draghi as Europe's Central Banker
Wall Street Journal 04/27/2011
German Paper Finds Draghi Not So Bad After All
New York Times 04/29/2011
Trichet to Leave a Difficult Legacy at Central Bank
New York Times 05/31/2011
How the German role in the eurozone crisis is viewed inside Germany, in Greece, Spain, Italy and the rest of Europe
05/26/2010
German media/public opinion and media/public opinion in other eurozone countries.
Grouped Articles
Elites Flock to Anti-Euro Party, Alternative for Germany
New York Times 04/14/2013
Germany reaps rewards of entitlement cuts - The Washington Post
Washington Post 09/20/2011
Germans Love Europe â But Not the Euro
New York Times 10/11/2011
New York Times 05/26/2010
Luxembourg Foots a Big Piece of the Greek Tab
BusinessWeek 05/27/2010
Germany's Surplus Isn't the Problem
Wall Street Journal 11/11/2013
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