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What is the Nature, Purpose, and Impact of Monetary Policy?

The ECB’s headquarters in Frankfurt, Germany.

In this essay I shall discuss the nature, purpose and impact of monetary policy using the example of the European Central Bank (ECB), whose central objective as the core of the European System of Central Banks (ESCB), and the Eurosystem, is laid down in Article 127 (1) of the Treaty on the Functioning of the European Union (TFEU): «The primary objective […] shall be to maintain price stability» (O.J. 2,549 more words

The European Union

HSBC Forecasting 1.50% US 10-year Bond Yield In 2016

HSBC’s Steven Major is out with a bold new forecast.

In a client note on Thursday titled “Yanking down the yields,” the interest-rates strategist projected that bond yields would be much lower than the markets expected because central banks including the Federal Reserve were reluctant to raise interest rates. 468 more words

Peter Praet (ECB) on the eurozone: it's a credit economy

Peter Praet, chief economist of the ECB, had a presentation earlier this month at an asset management firm in which he presents this graph: 251 more words


Policy Makers Skeptical on Preventing Financial Crisis

BOSTON — The 2008 financial crisis convinced most people in the world of central banking that it would be a good idea to try to prevent that kind of thing from happening again. 1,281 more words

Market News

Germany has an economic model of "I'm all right Jack"

There is much to consider right now in the outlook for Europe and the Euro area’s largest economy. A developing theme for 2015 has been the decline in world trade prospects that I discussed on the 26th of August with this currently symbolised by the Baltic Dry Index for shipping rates which at 881 is some 14% below the level of one year ago. 1,294 more words

General Economics

EBA and ECB living living together in harmony?

Last week, the EBA and the ECB published some thoughts on next steps in bank supervision. These did not attract a lot of media attention. However, in light of changes to come, I thought it be interesting to take a closer look. 493 more words

Basel III