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European Central Bank

Protesters, Police Clash Near ECB In Frankfurt

Reuters | John O'Donnell and Paul Carrel | Posted 03.18.2015 | World

By John O'Donnell and Frank Siebelt FRANKFURT, March 18 (Reuters) - Anti-capitalist protesters clashed with riot police near the ne...

Why Is a Central Bank Taking the Risks of Quantitative Easing?

Stefan Bielmeier | Posted 03.15.2015 | Money
Stefan Bielmeier

Surging liquidity, more risk on the balance sheets of banks and insurers, sky-high valuations in individual asset classes -- these are some of the already visible consequences of the ECB's policy, and the trend is set to continue.

Next Up, Podemos in Spain: European Officials Will Have to Change Course

Mark Weisbrot | Posted 03.13.2015 | World
Mark Weisbrot

Greece's Syriza party has put its foot down to demand an end to the troika's agenda, and now Spain's Podemos party has risen even more quickly than Syriza to join them. This is what democracy looks like -- even the rigid, unaccountable structure of the eurozone will not be able to stop it from spreading.

Breaking: Greece Threatened 'Feta Dump' During Bailout Crisis

David Shayne | Posted 03.05.2015 | Comedy
David Shayne

Inside sources report Greek Finance Minister Yanis Varoufakis resorted to hostile threats last month as bailout negotiations with the country's creditors faltered.

The Buck Stops Here: Greece Is Fighting to Save Europe

Mark Weisbrot | Posted 02.27.2015 | Politics
Mark Weisbrot

Citizens of the eurozone countries didn't know when they formed the monetary union that they were not only losing their sovereign and democratic rights to control their most important macroeconomic policies. They had also ceded this power to people with an anti-social-Europe agenda. Now Greece is trying to get some of that democracy back.

Austerity Policy or Tool ?

Michael Radou Moussou | Posted 02.13.2015 | Politics
Michael Radou Moussou

Any politician opting this evening for the continuation of the Greek Austerity program should be aware of these facts and try finding a more viable and less amateurish solution for the future not only of Greece but of the entire Eurozone.

Angry Greeks Threaten to Halt European Juggernaut

Doug Bandow | Posted 02.10.2015 | World
Doug Bandow

A breakdown of the European bailout program might make a Greek exit from the euro ("Grexit") the only feasible option. And the popular revolt against outsiders dictating economic policy creates a huge new roadblock to attempts to expand Brussels' power over EU members.

Greece: ECB Kicks Syriza in the Face; Syriza Turns the Other Cheek

Mark Weisbrot | Posted 02.05.2015 | World
Mark Weisbrot

On Wednesday the European Central Bank announced it would no longer accept Greek government bonds and government-guaranteed debt as collateral. But Syriza's leadership are playing it smart. They responded to the ECB's assault without animosity or denunciations. They want the world to know who is the aggressor here and who is being reasonable.

13 Questions: About Greece, Europe, Austerity -- And Us

Richard (RJ) Eskow | Posted 02.05.2015 | Politics
Richard (RJ) Eskow

Every day brings more headlines in the European debt drama: "Greece elects anti-austerity government." "Greek Finance Minister says he won't negotiate with the 'Troika.'" "Anti-austerity movements gain ground across Europe." What's behind these stories? What does the future hold? Are there any implications for the U.S.? Here's an overview of the situation as it currently stands.

ECB Steps Up Financial Pressure On Greece To Reach Deal

Reuters | Posted 02.05.2015 | World

By John O'Donnell and Jan Strupczewski FRANKFURT/BRUSSELS, Feb 4 (Reuters) - The European Central Bank abruptly canceled its accept...

Austerity for the Other Guy

Leo W. Gerard | Posted 02.02.2015 | Politics
Leo W. Gerard

The people of Greece rebelled last week against the perverse notion that they should continue to endure biting austerity in a vain attempt to cure a condition that they are not solely responsible for creating. Sounds familiar, right?

Don't Count on the ECB to Stimulate the European Economies

Georges Ugeux | Posted 03.26.2015 | Business
Georges Ugeux

For all the media frenzy, the complacency of economists, the trumpets announcing a new era, Europe does not want to understand the basic situation it is in. Finance cannot bail Europe out. Only a profound transformation of a regime it cannot sustain will rescue it. Will we need Italy to collapse or another major banking crisis to wake Brussels up?

J'aime Paris et l'Europe

Brent Budowsky | Posted 03.18.2015 | World
Brent Budowsky

As many around the world said to Americans in September 2001, we say to the men and women throughout Paris, France and Europe today: You are not alone. Our unity will ultimately triumph, and our cause will ultimately prevail.

Monetary Union Works Because Europe Is Already Integrated

Mario Draghi | Posted 03.10.2015 | World
Mario Draghi

There is a common misconception that the euro area is a monetary union without a political union. But this reflects a deep misunderstanding of what monetary union means. Monetary union is possible only because of the substantial integration already achieved among European Union countries -- and sharing a single currency deepens that integration. If European monetary union has proved more resilient than many thought, it is only because those who doubted it misjudged this political dimension.

Is Another Euro Crisis at Hand?

Ivan Eland | Posted 03.07.2015 | World
Ivan Eland

If you have any spare cash laying around and need of a vacation, Chevy Chase would probably recommend that you go to Europe. The euro currency has dipped to a nine-year low against the dollar. That is good for tourists going to Europe, but is not good for European economic prospects in the long term. Why?

Is Economic Warfare the Theme for 2015?

Ambassador Muhamed Sacirbey | Posted 03.07.2015 | World
Ambassador Muhamed Sacirbey

Is the Russian Ruble becoming financial rubble as consequence of targeting by the U.S. and its allies? The dramatic fall in oil prices and commensurate drop in the Russian currency, is this coincidental to broader global economic trends or an orchestrated assault?

Ben Walsh

Tim Geithner: The 3 Words That Saved The Euro Were Ad-Libbed

HuffingtonPost.com | Ben Walsh | Posted 11.13.2014 | Business

TK TK

The Global Economy Is Flying on One Engine -- But There Is Turbulence Ahead

Nouriel Roubini | Posted 01.03.2015 | World
Nouriel Roubini

If the Republican Party takes full control of the U.S. Congress in the midterm election, policy gridlock is likely to worsen, risking a rerun of the damaging fiscal battles that led last year to a government shutdown and almost to a technical debt default. More broadly, the gridlock will prevent the passage of important structural reforms that the U.S. needs to boost growth.

24 European Banks Fail EBA Stress Test: Is a Major Banking Crisis Looming?

Sheldon Filger | Posted 12.26.2014 | Business
Sheldon Filger

Since the global economy imploded into systemic crisis in 2008, central banks and regulating authorities in major economies throughout North America and Europe have held periodic stress tests, apparently in an effort to reassure the public.

A Revolt Against Austerity?

Robert Kuttner | Posted 12.19.2014 | Politics
Robert Kuttner

There was a bit of good news from Europe last week. Two of the nations that desperately need some respite from austerity essentially told German Chancellor Merkel to stuff it. France, under pressure from Germany and the European Union to meet the E.U.'s straightjacket requirement of deficits of no more than three percent of GDP (whether or not depression looms) informed the E.U. that they will not hit this target until 2017. The government of President Francois Hollande, under fire for failing to ignite a recovery, now plans economic stimulus measures -- and the target be damned. Under E.U. rules, France can be fined up to 0.2 percent of its GDP. The French seem to be saying, 'So sue us!'

More Trade Agreements Won't Fix Austerity

Robert Kuttner | Posted 12.12.2014 | Politics
Robert Kuttner

The U.S. economy is growing slowly and Europe's hardly at all. The stock market lurch last week is a belated acknowledgement that our two economies share a common affliction, and Europe suffers more seriously. The affliction is austerity. And yet the main remedy being promoted by the U.S. government and its European allies is a trade and investment deal known as T-TIP, which stands for the Trans-Atlantic Trade and Investment Partnership. According to the deal's sponsors, T-TIP would help stimulate recovery by removing barriers to trade and promoting regulatory convergence and hence investment. The proposed deal is not popular in the U.S. Congress, which has to approve negotiating authority. The administration, say well-placed sources, hopes to cram through the necessary approval during the lame duck session of Congress after the November 4 election. That still will not assure approval, because the deal is also increasingly unpopular in Europe.

Draghi's Desperation

Milton Ezrati | Posted 11.30.2014 | World
Milton Ezrati

The European Central Bank (ECB) faces a desperate situation. Remarkably low inflation is stealing its ability to ease the euro zone's fiscal-financial strains and, consequently, its ability to buy time for the zone's governments to implement desperately needed budgetary and economic reforms.

Unanswered Questions for a Consequential Autumn

Terry Connelly | Posted 11.26.2014 | Business
Terry Connelly

In the American democracy we have collectively (or by passive default) chosen to have at the moment, to serve and assuage our divergent biases, the question is whether a governing plurality, as Jack Nicholson said, is "as good as it gets."

Europe's Austerity-Fueled Depression Keeps Getting Worse

The Huffington Post | Mark Gongloff | Posted 09.04.2014 | Business

Europe's central bank just slashed interest rates and launched emergency stimulus measures -- but six years too late, and not enough to counter the au...

Are EU Bankers Trying To Increase Unemployment In Greece?

Dimitri B. Papadimitriou | Posted 10.21.2014 | World
Dimitri B. Papadimitriou

An international dialogue should begin now. It might open with an invitation to the Troika: Explain why Greece should not start a jobs guarantee policy today.