There have been a lot of debates in recent weeks about how the Euro area’s banking union should work in practice. I’ve written two posts relating to different aspects of this issue. This one discusses the question of whether monetary policy should be separated from banking supervision while this one discusses whether the ECB should supervise all Euro area banks or just the large ones.
I’ve been very busy lately so I haven’t had much time for blogging. Here is a belated assessment of where Ireland stands after a week in which it became clear that Ireland was “a special case” (even if nobody knows quite what that means).
After supposedly clarifying their position on equal treatment in relation to their bond purchases, Mario Draghi’s comments on the ECB’s holdings of Greek bonds seem to muddy the waters again. My thoughts here.
A fantastic new paper by Lee Buchheit and Mitu Gulati, as well as links to other papers by Lee and Mitu, discussed here.
My thoughts on Enda Kenny’s Time magazine cover are here.
Data from Ireland Central Statistics Office
Irish Housing Statistics
National Account Data for EU Countries: AMECO Online
US National Accounts data from the Bureau of Economic Analysis.
US macro and financial data (and some international data) from the St. Louis Fed’s FRED. Good for charts.
IMF World Economic Outlook database
Cross-Country PPP-comparable data from the Penn World Table.
Jorda-Schularick-Taylor MacroHistory database. Covers 17 advanced economies since 1870
US financial data from the Federal Reserve Board.
The ECB’s Data Portal.
US stock market data from Robert Shiller.
Ken French‘s data on returns for various types of stock portfolios.
Data from the World Bank on health, development, finance and other things.
I haven’t been as euphoric as some commentators about Ireland’s prospects of getting a “seismic” “game-changing” deal on bank-related debt. Still, even my relatively mild hopes have been dashed a bit by this evening’s statement by the German, Dutch and Finnish finance ministers. Thoughts here.
Newspaper reports today suggest that greater moves towards an EU fiscal union, in the form of an expanded EU budget that could perhaps partially fund unemployment benefits in member states, are being considered. This is a further sign that Europe is going through a period of historic change. Thoughts on the benefits and problems associated with these proposals are here.
I have been sensing over the past few weeks that markets have been so enthusiastic about Mario Draghi’s bond-buying plans that they have forgotten about the longer-term structural problems facing the euro. Some thoughts on this here.
An updated version of my promissory note paper is now available. Details here.