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Rule, Germania

Thursday, 30 July 2015
A persistent theme – indeed the leitmotif – of the way that German leaders discuss the eurozone is their insistence on the importance of following the rules. That refrain is followed by a chorus from the rest of the monetary union demanding to know why Germany is taking such an inflexible approach. The answer, it turns out, reflects the way Germany’s federal system of government has shaped its decision-making, as well as Germany’s historic experience with debt crises.

What Stephen Poloz’s latest rate cut tells us about Canada’s central bank chief

Friday, 24 July 2015
Reputations were restored on Toronto’s Bay Street last week. Forecasters at institutions such as Royal Bank of Canada and Canadian Imperial Bank of Commerce — who were embarrassed by the Bank of Canada’s shock interest rate cut in January — correctly predicted that deteriorating economic data would prompt Stephen Poloz to reduce Canada’s benchmark rate a second time in 2015. The target rate for overnight loans between banks now is 0.5 per cent — a quarter point above what the central bank says is its effective lower bound.

Uganda: Will Mutebile Get a New Mandate At the Central Bank?

Tuesday, 21 July 2015
Mark Keith Muhumuza
Ezra Suruma, CIGI distinguished fellow for the Global Economy program, is mentioned in All Africa as a possible replacement for governor of the Bank of Uganda.

What to Expect From ECB Rate Decision

Thursday, 16 July 2015
Jonathan Ferro
Bloomberg's Jonathan Ferro previews the ECB rate decision. University of California Berkeley Professor Barry Eichengreen also speaks on "Bloomberg Surveillance."

La historia inacabada del euro

Monday, 13 July 2015
Juan Manuel Moreno-Luque
Paul Jenkins, taking the example of the Canadian provinces, in a book published in 1997 by the IMF, comments that markets would penalize the weakest imposing prohibitive interest or refuse to lend.

Behind the scenes at the IMF on a fateful day in the Greek crisis

Tuesday, 7 July 2015
Ever since Greece received its first giant package of emergency loans in May 2010, the International Monetary Fund has come under criticism for joining a rescue effort that flopped at saving the Greek economy from disaster. Most controversially, the IMF changed one of its own rules designed to keep it from piling more loans atop countries with potentially unpayable debts.

Speaking the Same Language: Climate Change and Finance Policy

Monday, 6 July 2015
On July 2, 2015 at the South African Institute for International Affairs (SAIIA) in Johannesburg, CIGI co-hosted a workshop on ‘Global Sustainability, Climate Change and Finance Policy’ from a South African perspective.

Prioritizing International Monetary and Financial Cooperation for the G20: Views from the T20

Friday, 12 June 2015
This policy brief is a stock-taking of the proceedings of the Think 20 conference held in Ottawa on May 3–5, 2015, and co-hosted by the Centre for International Governance Innovation and The Economic Policy Research Foundation of Turkey. The meeting involved representatives of think tanks from G20 countries, leading international experts and a number of senior officials.

European Banking Union, Three Years On

Thursday, 11 June 2015
Banking union involves the transfer of authority over banking policy from the national to the European level. This paper describes the rationale for banking union, four key pieces of legislation that constitute its legal foundation and two mechanism that form its key pillars.

Industrial policy revisited

Tuesday, 9 June 2015
Policy fads can be as fickle as fashion trends. Many years ago, industrial policy was all the rage. Proponents argued that "strategic" interventions in key industries could foster development and spur growth. Japan, with its mighty Ministry of International Trade and Industry (MITI) was held up as a model. And books with titles such as "Japan as Number One" warned ominously that countries failing to identify and support strategic sectors would risk falling progressively behind.
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