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Euro Area

ECB Paddles Both Ways in the Rubicon

Stephen G. Cecchetti | Posted 02.09.2015 | Business
Stephen G. Cecchetti

On January 22, the ECB crossed the Rubicon twice -- but in opposite directions. In an effort to combat deflation and years of anemic growth, the central bank announced a sustained program of large-scale asset purchases.

The Slow Recovery Continues

Olivier Blanchard | Posted 09.23.2014 | Business
Olivier Blanchard

The recovery continues, but it remains weak, indeed a bit weaker than we forecast in April. We have revised our forecast for world growth in 2014 from 3.7 percent in April to 3.4 percent today. This headline number makes things look worse than they really are.

Debt in a Time of Protests

Nemat Shafik | Posted 12.16.2012 | Business
Nemat Shafik

As the world economy continues to struggle, people are taking to the streets by the thousands to protest painful cuts in public spending designed to reduce government debt and deficits. This fiscal fury is understandable.

The Euro: Bad Idea, Poorly Executed, Hard to Fix

David Backus | Posted 12.15.2012 | Business
David Backus

The euro crisis combines, in our view, a sovereign debt crisis and a banking crisis, with mutually adverse feedback between the two. But design flaws in the system magnified their impact and feedback.

Time Not on Our Side: Tough Decisions Needed to Strengthen Financial Stability

José Viñals | Posted 10.10.2012 | Business
José Viñals

The forces of financial and economic fragmentation have widened the divide between countries at the core and the "periphery" of the euro zone. Can this process of fragmentation be reversed?

The Solution Is More, Not Less Europe

Antonio Borges | Posted 09.18.2011 | Business
Antonio Borges

It is hard to hold the course in the middle of a storm, but European policymakers need to if they want European integration to succeed.