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Merkel Backs Bond-Buying Program

Wall Street Journal Original article ›

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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

No going back

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

Talks and meetings of Francois Hollande of France and Angela Merkel of Germany in 2012 and 2015

05/05/2012

Grouped Articles

Year Into Hollande Presidency, ‘a Sense of Drift’

New York Times 05/04/2013

In Race to French Presidency, Hollande Sets His Own Pace

New York Times 05/05/2012

Merkel, Hollande Say Greece Needs Proposals for Brussels Meeting on Crisis

Wall Street Journal 07/06/2015

Greek Crisis Shows How Germany’s Power Polarizes Europe

Wall Street Journal 07/07/2015

France and Germany Face Delicate Talks on Economy

New York Times 06/21/2012

Amid crisis, leaders of Germany, France, Italy and Spain meet in Rome - The Washington Post

Washington Post 06/22/2012

A younger generation of leaders takes over at the European Central Bank under Mario Draghi

01/12/2012

Grouped Articles

The Man Who’ll Do Triage on Europe’s Banks

New York Times 10/20/2013

European Central Bank Head, Draghi, Has New Powers

New York Times 07/02/2012

A New Generation Tackles the Euro Crisis

Wall Street Journal 01/12/2012

ECB's Chief Warns Situation Is 'Very Grave'

Wall Street Journal 01/17/2012

Europe's Banker Talks Tough

Wall Street Journal 02/24/2012

Q&A: ECB President Mario Draghi

Wall Street Journal 02/23/2012

Jorg Asmussen, senior member of the executive board of the ECB from Germany

09/10/2011

In a gradual shift in opinion Jog Asmussen agrees with ECB president Mario Draghi that the markets are pricing in a potential breakup of the eurozone currency union fof bond yields of member countries.

Grouped Articles

German Court to Weigh Bond Buying by E.C.B.

New York Times 06/10/2013

Top Candidate for a Post at Europe’s Central Bank Is a Woman

New York Times 12/16/2013

A New Generation Tackles the Euro Crisis

Wall Street Journal 01/12/2012

France’s Treasury Chief Works to Guard Credit Rating

New York Times 01/02/2012

Germany Nominates Asmussen to Succeed Stark at ECB

Wall Street Journal 09/10/2011

German at European Central Bank at Odds With Country’s Policy Makers

New York Times 08/27/2012

How Mario Draghi, ECB president, sees the problems in the eurozone and policy direction in 2012-2015

01/11/2010

A wide ranging interview with Mario Draghi by Wall Street Journal reporters Blackstone, Karnitschnig and Thomson, which gives insights on how Draghi sees solutions to the crisis in the eurozone and future policy. Draghi favors good fiscal consolidation which combines freeing up labor markets and structural changes for Italy, Spain and other southern countries, with spending reductions, and capital investment in the future as opposed to tax increases for current spending and lack of capital investment for future growth. He points out that with excessive debt to GDP ratios there is no alternative to this right kind of fiscal consolidation. The fiscal consolidation gives the structural changes time to be put in place..

Grouped Articles

ECB Moves Markets, Not Economy

Wall Street Journal 05/03/2013

The Man Who’ll Do Triage on Europe’s Banks

New York Times 10/20/2013

ECB Struggles With Low-Altitude Flying

Wall Street Journal 11/10/2013

Euro Strengthens as Fears Fade

Wall Street Journal 01/12/2013

Bonds of Italy, Spain Narrow Gap With U.S., German Yields

Wall Street Journal 04/09/2014

E.C.B. Plots Strategy for Staving Off Deflation

New York Times 05/26/2014

Short term actions to save the euro taken at the Brussels negotiations on June 28, 2012

01/11/2012

Short term steps Germany agreed to when pushed hard by Italy, Spain and France, include the critical actions to let the European rescue funds to directly buy Italian and Spanish bonds on private markets to drive down bond yields, and provide direct aid to Italian and Spanish banks. The two steps were vital to restore market confidence and necessary if the European project was to be saved. The marathon negotiation stetched for 14 hours with brinksmanship, and were described by prime minister Monti of Italy as "hard and tense" but worth it.

Grouped Articles

Italy's Monti Hopes Summit Win Plays at Home

Wall Street Journal 06/29/2012

Global Markets Soar on European Breakthrough

New York Times 06/29/2012

Return of Long-Term Bond Buyers Seen as Crucial to Europe

New York Times 06/29/2012

German Election Overturns Political Order

Wall Street Journal 09/23/2013

Italy Leader, Monti, Tells Germany Austerity Isn't Enough

New York Times 01/11/2012

Euro Strengthens as Fears Fade

Wall Street Journal 01/12/2013

Mario Monti's Labor Minister Elsa Fornero and changes to Italy's labor laws

06/24/2011

Elsa Fornero says Italy is not a place where people follow the rules, and there is a strong tendency to rig the system to tweak it in different places to benefit different groups. The last 10 goverments have failed to tackle the Workers Law put in place after the Second World War, which is out of place in today's economy. Which is why the changes she has made are so significant for Italy to regain its competitiveness and its potential, and modernize its economy. This is also one of the major positive outcomes of the current eurozone crisis. Spain has launched a similiar effort. It involves a culture change which would increase productivity and investment. It also shows that while the Merkel Christian Democrats may need to adjust the austeity programs to promote growth, some of the structural changes pushed in Europe including the formation of the Monti government are finally on the right track.

Grouped Articles

Euro Zone Death Trip

New York Times 09/25/2011

Departing EADS Chief Urges Europe to Recommit to Industry

New York Times 04/12/2012

Italy Official Seeks Culture Shift in New Law

Wall Street Journal 06/27/2012

Transcript: Italy's Labor Minister On Reforms

Wall Street Journal 06/26/2012

Italy Approves Labor Law Overhaul

Wall Street Journal 06/27/2012

Avoiding an Italian Bailout Isn't Just About the Numbers

Wall Street Journal 07/12/2012

Actions taken by Spain's government of Mariano Rajoy to improve the competitiveness of the economy- 2012-2014

02/08/2012

Grouped Articles

Spain Emerges From Recession but Sees More Austerity Ahead

Wall Street Journal 09/23/2013

Departing EADS Chief Urges Europe to Recommit to Industry

New York Times 04/12/2012

Spain Plans to Burn Its Bridges to Keep Vacationers on the Job

Wall Street Journal 02/08/2012

Spain Approves Changes to Labor Policy

New York Times 02/10/2012

Germany's Inflated Fear of Inflation

Wall Street Journal 02/14/2012

The Rest of Europe vs. Germany

New York Times 02/16/2012

Spain's prime minister Mariano Rajoy's handling of the economic and banking crisis in Spain

09/28/2011

Rajoy's history cautiously embracing politics as Spain emerged from the Franco era, his father's advice to avoid politics after the searing experience of his grandfather in Galicia, the early years in Pontevedra, Galicia, and regional pride in Galicia, are described in Rajoy's book "En Confianza." Regional pride and the European experiment appear to be intertwined, just as Germany would like to see its political entity merged with a European entity, Spain would like to see its political entity merged with the European entity, because of a searing interwar period. Rajoy would genuinely like to see the European experiment go forward as he made the decision to accept EU aid.

Grouped Articles

The Spanish Reform Model

Wall Street Journal 09/28/2011

Spain Emerges From Recession but Sees More Austerity Ahead

Wall Street Journal 09/23/2013

Spain Plans to Burn Its Bridges to Keep Vacationers on the Job

Wall Street Journal 02/08/2012

Mariano Rajoy of Spain Steps Up in Debt Crisis

New York Times 06/10/2012

EU: Spain Banks Will Be Monitored

Wall Street Journal 06/11/2012

Spain's Handling of Bankia Repeats a Pattern of Denial

Wall Street Journal 06/11/2012

Bundesbank, the German central bank

02/16/2011

Grouped Articles

German Court to Weigh Bond Buying by E.C.B.

New York Times 06/10/2013

Not Quite Checkmate for the Bundesbank

Wall Street Journal 12/22/2014

Weidmann, Adviser to Merkel, to Head Bundesbank

New York Times 02/16/2011

Merkel Taps Adviser to Head Bundesbank

Wall Street Journal 02/17/2011

Germany's Hidden Risk

BusinessWeek 12/14/2011

Debt Crisis Provisions Hurt Bundesbank Profit

New York Times 03/13/2012

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

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

Banker's Exit Rattles Markets

Wall Street Journal 09/10/2011

Stark Walked a Fine Line Between German and EU Monetary Cultures

Wall Street Journal 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

ECB Bets Big on Stimulus

Wall Street Journal 03/10/2015

Bond Buys a Risky Business

Wall Street Journal 08/08/2011

The EFSF (or ESM) and the European Central Bank

08/08/2011

The EFSF was authorized to purchase government bonds of EU countries at the June 2012 summit of EU leaders. The EFSF will coordinate the purchase with the ECB with new purchases being on the EFSF books.

Grouped Articles

Bond Buys a Risky Business

Wall Street Journal 08/08/2011

European Finance Ministers Agree to Speed Up Bailout of Spanish Banks

New York Times 07/09/2012

Rating Changes Ripple Through Bailout Funds

Wall Street Journal 07/24/2012

ECB to Discuss Rescue Plan With Bundesbank

Wall Street Journal 07/27/2012

Bundesbank Stresses Divide on Bond Buying

Wall Street Journal 08/02/2012

Merkel Backs Bond-Buying Program

Wall Street Journal 09/18/2012

The ECB's Long Term Financing Operation Dec. 2011- March 2012

11/10/2011

The ECB's newly created Long Term Financing Operation enables European banks to meet their financing needs by borrowing from the European Central Bank at low rates of 1% for three years. Mid size banks in Spain buy government bonds of Spain and use the bonds as collateral at the ECB to access this lowcost funding. This has helped bring down rates at a recent auction of Spain's bonds from 5.1% to 1.7%. Italian banks also participated in the same way. 523 European banks borrowed 489 billion euros on Dec. 21, 2011, under this newly created financing operation of the ECB. This provides European banks financing as they are shutoff from normal financing by selling unsecured bonds to private and institutional lenders. This helps banks in the eurozone meet financial needs in 2012 without reducing lending to businesses and consumers.

Grouped Articles

German Court to Weigh Bond Buying by E.C.B.

New York Times 06/10/2013

E.C.B. Plots Strategy for Staving Off Deflation

New York Times 05/26/2014

Euro-Zone Banks Tap Big ECB Loans

Wall Street Journal 12/21/2011

Staring Into the ECB's Mini Bazooka

Wall Street Journal 12/21/2011

A Central Bank Doing What Central Banks Do

New York Times 12/21/2011

European Banks Rush to Grasp Lifeline

Wall Street Journal 12/22/2011

The EU proposal for the ECB as banking regulator for all European banks

03/03/2010

EU proposals that would put the banking supervisory authority for European banks under the ECB for the Single Resolution Mechanism.

Grouped Articles

Europe's Original Sin

Wall Street Journal 03/03/2010

ECB Nominates French Regulator for Euro-Zone Post

Wall Street Journal 11/23/2013

ECB Nominates New Banking Regulator

New York Times 11/20/2013

Shadow of Noose Speeds Up Banking Union

Wall Street Journal 12/16/2013

Doubts Greet Plan for Euro Zone Bank Regulator

New York Times 07/01/2012

Germany Balks at Bank Union

Wall Street Journal 09/12/2012


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