Sunday, 25 January 2015
As expected, the ECB has embraced Quantitative Easing (QE) in an effort to prevent outright deflation in the euro zone. The measures announced last week are bigger than most analysts expected, with the Bank committing to purchase €60 billion of bonds per month through 2016.
Friday, 23 January 2015
In the past few days we have seen a number of signs of this obstacle: the IMF has reduced its forecast for global growth, growing concerns of currency wars, with both unexpected and long overdue policy decisions by central banks, and the prospects of debt restructuring have spread from Greece to Ukraine and Venezuela.
Wednesday, 21 January 2015
The story is now well known. As central banks around the world began to converge on similar monetary policy strategies there was little thought given to the possibility that the twin goals of price stability and financial stability would come into conflict with each other. The global financial crisis of 2008-2009 changed attitudes and reminded policy makers that it is not straightforward to manage macro- and microprudential concerns simultaneously. Central bank governors began to underscore the importance of communication even before the GFC, but this event complicated central bank communication in several respects.
Wednesday, 21 January 2015
The year of restructuring dangerously? 2015 could be an 'interesting' year with respect to sovereign debt restructuring, including a resurgence of interest in (or at least renewed discussion of) so-called statutory approaches.
Monday, 19 January 2015
Bank of Canada Deputy Governor Timothy Lane rarely speaks in public. The longest serving member of the Governing Council has given only 14 speeches since his appointment in February 2009, or about two per year.
Wednesday, 3 December 2014
How can the financial system be better aligned of the needs of sustainable development? This week Simon Zadek, Co-Director of the UNEP Inquiry, visits the Inside the Issues studio to discuss the development of a sustainable financial system.
Thursday, 27 November 2014
The Economist magazine and Wolfgang Münchau at the Financial Times have recent articles on the polarization of European politics, which, it is argued, is driven in part by large debt burdens and the fiscal austerity—or “adjustment”—that has been used to contain debt. How is that going?
Monday, 10 November 2014
The 2014 Beijing APEC summit, taking place on November 10-11, provides leaders with the opportunity to respond to worries about APEC’s relevance by pledging to add members in 2015. This policy brief examines the recent history of India's exclusion from APEC and argues that it must be among the new members in 2015.
Friday, 7 November 2014
The annual CIGI Survey of Progress in International Economic Governance assesses progress in four dimensions of international economic governance: macroeconomic and financial cooperation; cooperation on financial regulation; cooperation on trade; and cooperation on climate change.
Monday, 29 September 2014
More than a decade after it put forth the idea of the Sovereign Debt Restructuring Mechanism in the early 2000s, the International Monetary Fund (IMF) is again seeking to engage various stakeholders in a new round of discussions about improving sovereign debt restructuring. As a major international creditor, China is an important force to reckon with, but thus far, its government has said little publicly regarding the recent IMF reports on this issue. Chinese policy makers and analysts are supportive of the IMF’s attempt to explore ways for earlier and more orderly debt restructuring, but they find the proposed reforms to be only marginally useful.