Deflation next?

A nice paper from the St Louis Fed is making the point that, unlike the Federal Reserve’s second Quantitative Easing (QE2), Mario Draghi’s  new measures, which includes the 550b Targeted Long Term Financing Operations (TLTR0), announced on May 8 and implemented on June 5, are so far failing in raising market expectations of future inflation. […]

A Pessimistic Note on the Euro

On February 7, I gave a talk a the Conference “America: Still A European Power?” in Bologna jontly organized by Johns Hopkins University-SAIS and Bologna University. (a more elaborate version of this post was later posted on voxeu e linkiesta ) The title of my presentation was “Why and How the US and the EU […]

Time for International Monetary Coordination

(forthcoming on Many observers of the European Sovereign debt saga had long realized that the ECB was the only European institution up to the task of avoiding a breakup of the Euro, as all newly forged institutions, the ESFS/ESM, were at the same time ill designed and inadequately funded. However, by indulging in sharp […]