My latest briefing paper for the European Parliament’s Economic and Monetary Affairs committee is titled “Should central banks be concerned about virtual currencies?”
This is part of a collection of papers delivered to the committee prior to their meeting on July 9 with ECB President Draghi. The papers can be found by clicking here and expanding on where it says “Monetary Dialogue – 9 July 2018″.
Here is a presentation titled “The Lender of Last Resort in the Euro Area: Where Do We Stand?” which I gave in March at a workshop on financial stability at University College Cork.
The Eurosystem’s often-misunderstood TARGET2 balances have again become a topic featured in op-eds and bank briefing documents. I’m posting this a bit late but here is a briefing paper I did on these balances that was submitted to the European Parliament in November 2017. For those interested in a longer explanation of how the mechanics of how these balances come about, my 2013 paper covers a lot of different issues.
Some comments on today’s ECB Governing Council decision to cap ELA for Greek banks.
A discussion of the mechanism that is potentially driving Greece out of the Eurozone and its implications for the future of the euro.
Lots of people think the euro area’s central banks will be handing back all the interest payments they receive on their QE bonds, providing a nice boost to the taxpayer. They won’t. Grim details here.
With QE purchases starting a few days ago, some thoughts on how QE works with a nice graph to explain.
Some new thoughts on the “can you make losses printing money” theme, this time with a Hans-Werner Sinn angle.
The situation in Greece continues to tick over. An explanation of the ECB’s decision tonight to cut off various Greek assets from its eligible collateral list.
It’s complicated. But it’s got nothing to do with technocratic ECB rules.