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Tag: European Central Bank

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.

Dollar Gains on Euro and Sterling

Sven R. Larson March 16, 2022

At $1.0943 per euro on March 14th, the dollar stood at its strongest against the European currency since April 2019.

ECB: Interest Rates at Record Low in January

Sven R. Larson March 11, 2022

Interest rates in the euro zone remained low through January, the European Central Bank reported on March 3rd. Loans by commercial banks to non-financial corporations averaged an annualized rate of 1.43%, the same as in October last year and only marginally up from November (1.39%) and December (1.36%). The average interest rate on loans to […]

Bad Economics May Cause More Inflation

Sven R. Larson March 9, 2022

Any major monetary expansion causes inflation. This past year, a combination of domestic restrictions on economic activity, speculation in the headwind of uncertainty, and the overall nature of energy markets, created inflationary pressure where under normal economic circumstances none would have existed.

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