August 5, 2015
by Marcel Fratzscher
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Greece’s debt burden can and must be lightened within the Euro

There will be no confidence and no growth in Greece without a solution to the debt problem.

by Armin von Bogdandy, Marcel Fratzscher and Guntram B. Wolff on 5th August 2015

Perhaps the greatest damage caused by the confrontation with Greece is a general loss of confidence. If we want to get Greece back to growth, people, companies and investors have to regain confidence in the viability of the country. For this to work, a legitimate and competent government

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March 5, 2015
by Marcel Fratzscher
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ECB Projections for Growth and Inflation Very Optimistic – Downside Risks to the Euro Area Still Significant

Comment on the ECB Monetary Policy Decisions (5 March 2015):

The new ECB projections for growth and the return to price stability are very optimistic. The ECB projections are based on probably too optimistic expectations about the effectiveness of its QE programme. The weak euro and the decline in government bond yields over the past few months are largely the result of the high expectations about the QE programme. It is unlikely that the QE programme will continue to exert

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January 21, 2015
by Marcel Fratzscher
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The ECB’s dilemma

by Marcel Fratzscher, Michael Hüther and Guntram B. Wolff.
This text was also published on
BerlinOeconomicus (German), in Le Monde  and in El País.

As the ECB is likely to announce a government bond purchase programme on January 22, the opposition in Germany is growing. The potential election of a government in Greece with its intention to restructure debt towards its official creditors puts the upcoming ECB’s decision under even greater scrutiny. The fact that the ECB has

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