With the Eurozone emerging from years of economic crisis, the reform of the currency union is now in the limelight. After the “election year” in Europe, the reform momentum has increased with the election of a reform-minded centrist president in France whose ambitious reform proposals include a Eurozone budget and a Brussels-based finance minister. Even more importantly, …Read More

The crises of recent years have shown us that we must part with many convictions held in the past. One of them is that government bonds are risk-free. This also applies to bonds issued by member countries of the European Monetary Union (EMU). The reason for this is simple: Despite having a common currency, the …Read More

AICGS was pleased to host a private breakfast discussion with a special guest, Dr. Andreas Dombret, member of the Executive Board of the Bundesbank. The discussion focused on the current situation in the euro area. More specifically, he addressed the ongoing efforts to overhaul the banking sector in the monetary union and highlight how the new Single Supervisory Mechanism …Read More

The current state and the future of the European banking sector set the agenda of the AICGS workshop entitled “Welcome to the Banking Union: Sound Financial Regulation to Fuel Economic Growth?” on November 17, 2014. Panelists included experts on the financial sector Nicolas Véron from the Peterson Institute for International Economics, Gunnar Stangl from Commerzbank …Read More

The latest monetary decisions made by the U.S. Federal Reserve (Fed) and the European Central Bank (ECB) are keeping analysts very busy. The two key questions central bank watchers are grappling with are: Is the Fed going to tighten monetary policies earlier than expected and will the ECB be forced to enact a broad program of …Read More

Introduction Six years after the worst financial crisis in more than fifty years, the banking sector is still undergoing profound changes. Regulators on both sides of the Atlantic are tightening the rules for those credit institutions deemed to be systemically important. Public authorities in both the European Union (EU) and the United States are trying …Read More

There is growing unease in Germany and abroad about the lengthy negotiations between the Christian Democrats of Chancellor Angela Merkel and their potential coalition partners, the Social Democrats. Some commentators doubt that the SPD base will allow a grand coalition to emerge. Conservative observers are worried about a social democratic drift—the controversy surrounding the possible …Read More

The Bundestag election results confirmed that Germans would like Chancellor Merkel to continue to look after them. Angela Merkel got a clear mandate, but not a blank check. Talks with potential coalition partners will be difficult. The results for both the Greens and Social Democrats fell well short of expectations. This forces those two potential …Read More

The resounding victory for the Christian Social Union (CSU), the sister party of Chancellor Merkel’s Christian Democratic Union (CDU), in the Bavarian state elections last Sunday marks the opening of the last week of frantic campaigning in what ― according to many observers ― is the most boring German election in decades. Indeed, the campaign …Read More

European finance ministers have finally agreed to a set of rules that should govern future bank resolutions, i.e. clarify who will pay for shutting down failing institutions. If the aim of the deal, reached in the early morning hours of June 27th, was to be at the same time both clear and fuzzy, it succeeded …Read More

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