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How Jawboning Works
Keywords:
The jawboning by ECB head Mario Draghi in July 2012, when he said the ECB would do whatever it takes to support Spain and Italy, has produced exraordinary results in calming financial markets.
Central bank governors Ben Bernanke, Mario Draghi, Stanley Fischer, Mervyn King and the MIT Economics Department
01/28/2008
Ben Bernanke and Mervyn King once shared an office as professors at MIT. Stanley Fischer was Draghi's and Bernanke's PhD. advisor. The MIT economics department fostered a view in the 1990's in which central banks played an active role when markets failed and the economy stumbled. This followed a period of post-Keynes views at the universities of Rochester, Minnesota, and Chicago, that markets operated on rational expectations and needed minimal intervention by central banks.
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MIT Forged Activist Views of Central Bank Role and Cinched Central Bankers' Ties
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ECB president Mario Draghi's remarks to calm financial markets on July 23, 2012 as the yield on Spain's government bonds reaches 7.5%
07/26/2012
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
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
As Bond Markets Twist, Investors Shout
Wall Street Journal 06/10/2014
Wall Street Journal 06/10/2014
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 Europeâs Central Bank Is a Woman
New York Times 12/16/2013
A New Generation Tackles the Euro Crisis
Wall Street Journal 01/12/2012
Franceâs 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 Countryâs Policy Makers
New York Times 08/27/2012
The ECB's Mario Draghi and efforts to overcome the opposition of Jens Weidmann of the Bundesbank to bond buying
10/02/2012
An account of how the ECB's Draghi struggled to ovecome opposition from the Bundesbank to his decision in July 2012 for unlimited bond purchases of sovereign bonds of Italy and Spain to reduce bond yields and borrowing rates on debt. Draghi's famous words at the time were that the ECB would take decisive action: "believe me it will be enough." To do this he had to work closely with Finance minister Schauble and chancellor Merkel of Germany to overcome opposition from German media.
Grouped Articles
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
German Election Overturns Political Order
Wall Street Journal 09/23/2013
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
As Bond Markets Twist, Investors Shout
Wall Street Journal 06/10/2014
Wall Street Journal 06/10/2014
Germany's chancellor Merkel navigates a fine path in Sept. 2012 between Bundesbank opposition to sovereign bonds and ECB president Draghi's efforts to stabilize the euro
09/18/2012
Merkel supports ECB president Draghi's efforts to stabilize the euro in September 2012, but navigates around Bundesbank president Weidmann's opposition to sovereign bond purchases by the ECB by saying that proper eurozone banking supervision arrangements have to be established. Merkel and finance minister Schauble insist that this will require more time beyond the Jan 1, 2013 date in the EU proposal, to be done properly.
Grouped Articles
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
Germans Respond to Merkel's 'Motherly' Side
Wall Street Journal 08/23/2013
German Election Overturns Political Order
Wall Street Journal 09/23/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
Not Quite Checkmate for the Bundesbank
Wall Street Journal 12/22/2014
Economist 11/11/2015
A younger generation of leaders takes over at the European Central Bank under Mario Draghi
01/12/2012
Grouped Articles
The Man Whoâll Do Triage on Europeâs Banks
New York Times 10/20/2013
European Central Bank Head, Draghi, Has New Powers
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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
Wall Street Journal 02/24/2012
Q&A: ECB President Mario Draghi
Wall Street Journal 02/23/2012
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, head of the ECB, and the eurozone crisis with Italian bond yields approaching 8% in Dec. 2011
11/10/2011
Draghi addresses the issue of large scale purchases of bonds of Italy and Spain to ease pressure on bond yields, by leaving open the possibility of action if the EU countries take the necessary steps for a strict budgetary framework.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
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
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
As Bond Markets Twist, Investors Shout
Wall Street Journal 06/10/2014
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 Whoâll Do Triage on Europeâs 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
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