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Tag: European Central Bank

Recession or Not? Part II

Sven R. Larson September 14, 2022

When a currency depreciates, it can lead to a self-reinforcing outflow of capital—especially when the depreciation is unprecedented. The euro has never been this weak against the dollar.

The Economics of Budget Deficits

Sven R. Larson August 5, 2022

Government officials have carefully ignored the need for more fiscal conservatism. Looking at the threat of a new debt crisis, investors and taxpayers alike expect nothing more spectacular from their current leaders than a new round of put-out-the-fire austerity packages.

ECB Raises Interest Rates

Sven R. Larson July 22, 2022

When the ECB raises interest rates, all other things equal it increases demand for euros on the global foreign-exchange market.

Euro Weakens vs. Ruble

Sven R. Larson July 13, 2022

In the first quarter of this year, the euro area ran a combined trade and financial deficit vs. Russia of €-26 billion. Only the deficit vs. China was bigger, at €-38.8 billion.

Joining the Euro: Stern Advice for the Croatian Government

Sven R. Larson June 11, 2022

As Croatia’s lawmakers enter the final stretch toward euro membership, it is essential that they understand exactly what happened in Greece, and why. In five short years, 2009-2014, the Greek economy imploded: one quarter of it vanished. This was a direct result of the austerity packages that the EU and the ECB forced upon the government in Athens. What will Croatia do to avoid ending up in the same trap as Greece?

Prepare for Another Debt Crisis

Sven R. Larson June 4, 2022

A new debt crisis looks unavoidable. There is practically no interest in fiscal reforms across Europe, leaving the continent vulnerable to a destructive downward spiral of rising interest rates and structural budget deficits.

No Rate Hike from ECB Despite Market Pressure

Sven R. Larson April 21, 2022

Despite higher inflation and upward pressure on treasury yields, the European Central Bank (ECB) maintains that this is not the time to raise interest rates. In an April 14th press release, the ECB reaffirmed its commitment to both unchanged rates and its tapering of the Asset Purchasing Program. The Bank explained that APP-related purchases of […]

The Story of a Macroeconomic Massacre

Sven R. Larson March 17, 2022

Now that the Greek Parliament is eager to beef up the nation’s defense, it faces a serious problem: the economy is so weak it can barely keep its population at a standard of living from 20 years ago.

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