Currency and Financial Markets Europe Monetary Policy

An Overwhelming Success for the European Central Bank

The decision by the European Court of Justice (ECJ) is an overwhelming success for the European Central Bank (ECB). The OMT program has been ruled to be fully consistent with European law. The ruling means that the ECB has an additional, important monetary policy instrument to fight the European crisis. It implies that the OMT program has not become superfluous with the start of the current QE program of the ECB. On the contrary, a Grexit and renewed intensification of … [continue reading]

Read more
Currency and Financial Markets Europe Macroeconomics Monetary Policy

Giving Greece a Chance

Opinion piece by members of the Eiffel Group and the Glienicke Group, 20 May 2015

The Greek tragedy must not go on. Europe’s growing frustration with the new Greek government has triggered calls for stopping negotiations and even accepting “Grexit”, Greece’s exit from the euro. We believe that this would be a mistake. Grexit would be a collective political failure. Above all, it would cause a social and economic catastrophe for Greek citizens.

However, keeping Greece in the euro … [continue reading]

Read more