I attended a conference on “Financial stability policies in a changing lending landscape” at the Central Bank of Ireland on December 5. I was a discussant for an excellent paper “The state-dependent impact of changes in bank capital requirements” by Jan Hannes Lang of the ECB and Dominik Menno of the Bundesbank. In my comments, I endorsed the paper’s message that higher bank capital requirements need not be costly to the economy if implemented in a careful way. I then went a bit further and suggested these costs may be even lower than suggested in the paper, while bringing considerable financial stability benefits.
A few weeks ago, I was a discussant for a very interesting paper by Patrick Honohan reviewing Ireland’s banking crisis. My comments are here.
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.
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.
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.
My thoughts on the ECB’s QE announcement. Perhaps a bit long, perhaps a bit disorganised ….
Everyone knows German savers are special, don’t they? Not so much it turns out. Read here.