Alexander Ludwig: The ECB has reached a limit with its monetary policy. Other policy responses are needed: an expansion of fiscal measures for more investment in infrastructure and education.
Alexander Ludwig: Central banks are held responsible for the continuous low-interest rate environment. However, there are many indications that the demographic trend is lowering natural interest rate.
Legislative acts on targeted longer-term refinancing operations, cross-border distribution of investment funds, and the position of the German government on the financial transaction tax: a selection of financial regulatory developments from this month.
The target balances generate discussions in the public and among economists who come to very different results in their analyses. An overview of the most important arguments.
The reform of the ESM turned out to be one of the main political issues in Italy at the end of this year, to the point of posing an existential threat to the sitting government. However, a well-functioning ESM is of vital interest in particular to countries like Italy.
Alexander Ludwig: Die EZB ist mit ihrer Geldpolitik an eine Grenze gekommen. Andere Politikreaktionen sind gefragt: eine Ausweitung fiskalischer Maßnahmen für mehr Investitionen in Infrastruktur und Bildung.
Die Reform des ESM hat sich in Italien als eines der wichtigsten politischen Themen erwiesen und bedroht die Regierung. Ein funktionierender ESM ist jedoch insbesondere für Länder wie Italien von entscheidendem Interesse.