PublicPolicy.ie held its second online conference today on “Ireland’s COVID19 Crisis Response: Perspectives from Social Science.” I gave a talk on a panel titled “EU Dimensions of a Policy Response”. I mainly discussed the role of the ECB, covering some of more extreme potential measures it could take. I discuss monetary financing, helicopter money and the idea of the Eurosystem selling all its gold and returning the money to governments.
Category Archives: Euro Crisis
Presentation: “The Lender of Last Resort in the Euro Area: Where Do We Stand?”
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.
Briefing Paper on TARGET2 Balances
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.
Alice In Schäuble-Land: Where Rules Mean What Wolfgang Says They Mean
Schäuble is working hard to undermine the deal that attempts to keep Greece in the euro area. And his key argument is pure fiction.
After The Greek No, What Next?
Here is a piece I wrote for Huffington Post on the implications of the Greek No vote.
From Greferendum To Grexit?
Some thoughts on what may happen after Greece’s referendum tomorrow.
ECB Decision Likely Means Greek Banks Stay Closed
Some comments on today’s ECB Governing Council decision to cap ELA for Greek banks.
The Grexit Mechanism: What It Means For The Future Of the Euro
A discussion of the mechanism that is potentially driving Greece out of the Eurozone and its implications for the future of the euro.
Greece, The Euro and Gunboat Diplomacy
Prior to Monday’s umpteenth “summit to beat all summits”, some context on how we arrived at the current situation in Greece.
The FT Lets Itself Down Again: Francesco Giavazzi on Greece
There seems to be a new brand of op-ed at the FT. Formerly respected academics write crazy things about the euro crisis, particularly Greece. Some thoughts on a particularly nutty piece on Greece by Francesco Giavazzi.