Monetary Policy

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Why Canada needs to push for a truly multilateral financial system

Monday, 30 June 2014
article
"Left to its own devices, the rest of the world has to self-insure against sudden droughts of liquidity by accumulating vast foreign exchange reserves and building competing regional arrangements," write CIGI researchers Kevin English and Brett House, commenting on the new web of currency-swap lines between the world’s major central banks.

Lessons from the 2012 Greek debt restructuring

Wednesday, 25 June 2014
article
"Overall, the Greek experience shows that an orderly restructuring is possible in a currency union, but that firewalls and supportive crisis management institutions are necessary for it to take place smoothly, without major contagion effects," writes CIGI Senior Fellow Miranda Xafa,

The ECB’s New Policy Package: A step in the right direction for intra-Eurozone rebalancing

Thursday, 19 June 2014
article
"A more satisfactory and effective way to adjust relative competitiveness is to improve productivity by implementing growth-enhancing structural reforms," write Director of CIGI Global Economy Program Domenico Lombardi and CIGI Research Associate Samantha St. Amand, in their analysis of the impact of low inflation on debt dynamics and the adjustment of real unit labour costs in the eurozone countries under stress (Greece, Italy, Portugal, and Spain).

CIGI commissions New Rules for Global Finance Coalition to initiate global consultations on sovereign debt restructuring

Monday, 16 June 2014
article
CIGI) will task the New Rules for Global Finance Coalition (New Rules) with leading collective consultations with global civil society on sovereign debt restructuring.

A House of Cards

Friday, 13 June 2014
blog
An earlier post, here, discussed the current situation in the Eurozone and the 1930s-like economic malaise that is contributing to a polarization of politics. Across the Atlantic, meanwhile, at the core of the global economy, the economic outlook is improving but there is no denying that fiscal tightening (through sequestration) led to a much slower pace of growth in 2013 than would otherwise have been the case. Here, too, there are troubling similarities to the 1930s, when premature fiscal tightening in 1937 pushed unemployment back to 20 per cent.

CIGI welcomes visiting scholar Qiyuan Xu for research on internationalization of renminbi

Thursday, 12 June 2014
article
CIGI is pleased to welcome CIGI Visiting Scholar Qiyuan Xu, for research on the internationalization of China’s currency, the renminbi (RMB). 

CIGI paper highlights lessons from 2012 Greek debt restructuring, for euro area and beyond

Thursday, 12 June 2014
article
A new report from the CIGI concludes that fears of contagion generated by the 2012 Greek debt exchange were exaggerated and that the country’s debt restructuring could have taken place sooner without undermining stability.

CIGI at CEA 2014 (II): Clean versus Lean

Wednesday, 11 June 2014
blog
Kevin English
Guest blogger CIGI Research Associate Kevin English chronicles CIGI's panel at the 2014 Canadian Economics Association's annual conference.

CIGI at CEA 2014 (I): Inflation Targeting

Tuesday, 10 June 2014
blog
Kevin English
Guest blogger CIGI Research Associate Kevin English chronicles CIGI's panel at the 2014 Canadian Economics Association's annual conference.

A fistful of dust

Friday, 6 June 2014
blog
It wasn't meant to be this way. When the architects of the euro met to put their vision of a unified, European-wide monetary union into practice, they didn't think that a decade and a half later the economic landscape would be clouded by Great Depression levels of unemployment in some countries and the prospect of a 1930s style deflation trap in the monetary union as a whole.