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China's financial liberalisation: interest rate deregulation or currency flexibility first?

In this follow-up, I argue that on top of these structural and institutional factors, there are also three short-term cyclical considerations in favou

Addressing weak inflation: The European Central Bank's shopping list

Euro-area inflation has been below 1 percent since October 2013, and medium-term inflation expectations are well below 2 percent. Forecasts of the ret

The threat of low inflation in the eurozone

Why China’s haste to internationalise the renminbi?

This blog raises two questions. The first is puzzling: why is Beijing in such a hurry to internationalise its inconvertible currency? The se

China and the renminbi matures

In economic terms, China is becoming more of an adult, and the renminbi is becoming a grown-up currency. Russia's actions in Ukraine have prompte

European Central Bank accountability: how the monetary dialogue could be improved

This Policy Brief was prepared for the European Parliament's Monetary Dialogue with the President of the European Central Bank Mario Draghi. The autho

Monetary policy cannot solve secular stagnation

What role can quantitative easing play? I am not quite as negative on QE as Olivier Blanchard but certainly agree that it cannot fundamentally solve t

Why should Germany reduce its current-account surplus?

The ECB's rate cut is a surprising, but good move

‘Genuine Economic and Monetary Union’ and the implications for the UK

Inquiry into genuine Economic and Monetary Union in the sub-committee for European and Financial Affairs in the European Union Committee.

Will Europe pay for Japan?

As the Bank of Japan is rolling out its new programme of quantitative easing, a significant debate about the impact on Europe is emerging. Is Japan en

Real exchange rate adjustments around the globe

Real effective exchange rate adjustment trends in the aftermath of the global financial and economic crisis were generally not out of line with histor

A budget for Europe's monetary union

In a monetary union, national fiscal deficits are of limited help to counteract deep recessions; union-wide support is needed. A common euro-area budg

The G-20 and the currency war

Real Convergence, Price Level Convergence and Inflation in Europe