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European Bank Chief Pushes Back
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ECB President Mario Draghi stated in his first speech to bankers and policy makers in Frankfurt that governments in Italy, Spain and other eurozone countries need to take stronger action and stop delaying. He said: "Where is the implementation of these long-standing decisions. We should not be waiting any longer." Jens Weidmann, president of the Bundesbank stated Germany's view: "The economic costs of any form of monetary financing of public debts and deficits outweigh its benefits so clearly that it will not help to stabilize the current situation." The ECB continues to maintain limited purchases of Italian and Spanish bonds, leading to a small easing of bond yields, but has ruled out large scale purchases. ECB officials fear that taking the heat off politicians in Italy and other eurozone countries through large scale bond purchases will only lead to a lack of action on irresponsible fiscal policies. Meanwhile the debate in Germany continues with the mass circulation tabloid Bild saying calls for the ECB to act were "hysteria." The conservative leaning newspaper Die Welt says Merkel could still change her mind. Die Welt pointed out that Germans remember the hyperinflation of the 1920's as what can result from printing money to buy government issued bonds, but forget the period in the early 1930's under Chancellor Heinrich Bruning, another deeply troubling period, when deep austerity led to mass unemployment and a prolonged depression.
Angela Merkel's handling of the financial crises in eurozone countries
04/29/2010
The German response to the debt crisis in the eurozone and the events in 2011-2012.
Grouped Articles
As Greek Drama Plays Out, Where Is Europe?
New York Times 04/29/2010
Germany Clears Rescue for Greece
New York Times 05/03/2010
Economist 05/13/2010
Germans Respond to Merkel's 'Motherly' Side
Wall Street Journal 08/23/2013
Merkel Wins Big in German Election
Wall Street Journal 09/23/2013
Germany's Surplus Isn't the Problem
Wall Street Journal 11/11/2013
The growing debate over bondholder haircut, easy money policies, sacrifices, and austerity policies.
11/25/2010
This debate puts British prime minister Cameron, and German chancellor Angela Merkel, on one side, with US President Obama, US central bank chairman Bernanke and other leaders on the other side. The blanket Irish guarantee of all Irish bank debt is an example of improper action that could have prevented the need for an Irish bailout, when guaranteeing only retail Irish bank debt would have worked. Merkel has insisted on bondholders sharing in bank losses, and tougher action required for countries receiving bailouts.
Grouped Articles
A Crisis Needing More Sacrifice
New York Times 11/25/2010
Crises Shake German Trust in Euro Zone
New York Times 11/26/2010
EU Outlines Bond Restructuring Plan
Wall Street Journal 11/28/2010
Europe Backs Irish Rescue and New Rules on Bailouts
New York Times 11/28/2010
Wall Street Journal 12/02/2010
'Contagion' and Other Euro Myths
Wall Street Journal 12/02/2010
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
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
Mario Draghi, the Bank of Italy and Italy's economic policies
08/07/2011
Grouped Articles
Italy Central Banker Is Open to 'Bad Bank'
Wall Street Journal 02/10/2014
Wall Street Journal 08/07/2011
Italian Workers Strike Against Austerity Measures
New York Times 09/06/2011
Rome's Rating a Warning to Europe
Wall Street Journal 10/06/2011
Italy's Bank Pick Rattles the ECB
Wall Street Journal 10/22/2011
Top Banker Is Quick to Make His Mark
Wall Street Journal 11/03/2011
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
The resignations of Jurgen Stark and the ECB's purchase of sovereign bonds of Portugal, Italy and Spain
09/10/2011
The resignations of German representatives on the ECB Executive Board, Axel Weber and Jurgen Stark, over ECB purchases of sovereign bonds. Concern about political risk and financial risk and exceeding the ECB's charter. The need for the governments to assume the critical role of far-reaching reforms of the mechanism for decisions and sanctions.
Grouped Articles
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
As Bond Markets Twist, Investors Shout
Wall Street Journal 06/10/2014
Wall Street Journal 09/10/2011
Stark Walked a Fine Line Between German and EU Monetary Cultures
Wall Street Journal 09/10/2011
The 2011 Christian Democratic Union Party Convention in Leipzig, Germany
07/13/2011
It was at the 2003 CDU convention in Leipzig that Angela Merkel told delegates that the CDU would return Germany to it position of economic leadership in Europe.
Grouped Articles
Wall Street Journal 07/13/2011
Merkel Offers Her Election Manifesto
New York Times 06/24/2013
Greek Crisis Shows How Germany’s Power Polarizes Europe
Wall Street Journal 07/07/2015
Merkel Party Seeks Euro Exit Policy
Wall Street Journal 11/15/2011
Merkel Urges Party to Help Save Euro
Wall Street Journal 11/14/2011
European Bank Chief Pushes Back
Wall Street Journal 11/19/2011
The logjam between the bondholders (mostly French and German banks) and the German government- 2010-2012
07/01/2011
The roots of the Eurozone financial crisis go back to the issue of who should pay for the excess lending of French and German banks. Will it be the German taxpayer or the banks that took excessive risks? German financial experts, the German government and parliament, German public opinion, are all adamantly opposed to letting the banks off without sharing at least 50% of the costs of a bailout. A review done by the European Commission in coordination witht he IMF and the ECB, shows that from May 2010 (the date for the inception of the aid program to Greece) to September 2011, $52 billion of the $91 billion loaned to Greece went to pay bondholders for bonds that came due. The July 2011 EU agreement for Greece called for 21% of losses to be allocated to the bondholders. The German government is pushing for 50% and German parlamentary leaders in Merkel's party are balking at anything less.
Grouped Articles
Wall Street Journal 07/13/2011
New York Times 04/13/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
Most Greek bailout money has gone to pay off bondholders - The Washington Post
Washington Post 10/23/2011
Dexiaâs Collapse in Europe Points to Global Risks
New York Times 10/22/2011
European Officials Shaping Greek Rescue and Effort to Aid Banks
New York Times 10/22/2011
The Sarkozy-Merkel meeting in Deauville, France, October 18, 2010, that sets the stage for a closer union for the EU.
12/27/2010
Germany and France make the momentous decision to move forward with a closer fiscal union of the 16 nation European Union. The efforts to build anew the conditions for the Euro to succeed. The vision of a united Europe persists.
Grouped Articles
New Attempt at French-German Amity Stumbles in Venice
Wall Street Journal 08/21/2013
Germans Respond to Merkel's 'Motherly' Side
Wall Street Journal 08/23/2013
German Election Overturns Political Order
Wall Street Journal 09/23/2013
New York Times 05/22/2014
Economist 11/11/2015
As Ireland Flails, Europe Lurches Across the Rubicon
Wall Street Journal 12/27/2010
Lucas Papademos as the new prime minister of Greece in Nov. 2011
11/10/2011
Papademos was vice president of the European Central Bank. He was a classmate of Mario Draghi at the Massachusetts Institute of Technology.
Grouped Articles
Economist Lucas Papademos Named Prime Minister of Greece
New York Times 11/10/2011
Merkel Urges Party to Help Save Euro
Wall Street Journal 11/14/2011
Greeks Welcome Papademos as New Prime Minister, Polls Show
Wall Street Journal 11/14/2011
New York Times 11/15/2011
As Nations Bet on Technocrats, Odds Look Stiff
Wall Street Journal 11/17/2011
European Bank Chief Pushes Back
Wall Street Journal 11/19/2011
European Central Bank policies in 2010-2012.
02/05/2008
The ECB rate changes and policy in 2010-2012.
Grouped Articles
ECB Moves Markets, Not Economy
Wall Street Journal 05/03/2013
Shares Rise on Wall Street and in Europe
New York Times 06/06/2012
Europe’s Central Banker Engineers His Economics
New York Times 02/05/2008
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
Rate Rise Signaled for Euro Zone
Wall Street Journal 03/04/2011
The ECB and Italy
11/09/2011
Grouped Articles
Don't Bank on ECB Rescuing Italy
Wall Street Journal 11/09/2011
Italy Fears Rattle World's Investors
Wall Street Journal 11/10/2011
Central Bankerâs Exit Gives France Opening
New York Times 11/10/2011
Crisis Ensnares Central Bank in Desperate Bid to Save Euro
Wall Street Journal 11/18/2011
European Bank Chief Pushes Back
Wall Street Journal 11/19/2011
New York Times 11/19/2011
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
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