Jean-Claude Trichet deserves praise for fighting inflation and his handling of the financial crisis of 2007-2009. But his legacy is unfinished and we still have to see whether he will be the one who saved the euro. Important challenges remain for the incoming president. First, trust of citizens...

The Bank of England, the Federal Reserve (Fed) and the European Central Bank (ECB) have responded to the crisis with exceptional initiatives resulting in a major increase in their balance sheets. After the ECB's end-2011 launch of three-year bank refinancing (LTRO), there has been speculation...

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central bank's interest rate rule is based on a standard model...

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central bank's interest rate rule is based on a standard model...

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard model of the monetary transmission process that underlies...

There is some evidence that interdependencies among European banks have increased over the past 15 years and that the potential of systemic risks in banking has shifted from a national level to a European level. / Whereas wholesale financial markets are considered to be highly integrated within...

Die Bundesregierung beabsichtigt, der Deutschen Bundesbank eine neue Struktur zu geben. Die bislang im Leitungsgremium vertretenen Landeszentralbankpräsidenten sollen entfallen und der neue Vorstand von der Bundesregierung ernannt werden. Der Bundesrat hat diese Vorschläge zurückgewiesen....