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Economic crisis

This category contains 74 posts

Strengthening the Financial Stability Framework of the EU

Address to the 2011 Dublin Economic Workshop, Ajai Chopra, Deputy Director, European Department, International Monetary Fund, October 15, 2011. Introduction I would like to thank the conference organizers for offering me the opportunity to talk about how the financial stability framework of the EU could be strengthened. Much has happened since July when I accepted [...]

G20 finance chiefs’ communique

The text of the communique issued by finance ministers and central bankers of the Group of 20 major economies after a meeting in Paris on Saturday: 1. We, the G-20 Finance Ministers and Central Bank Governors, met at a time of heightened tensions and significant downside risks for the global economy that need to be [...]

Margin Call is a fine crash movie, but no banker

The movie Margin Call boasts superb performances, but right now the ‘normal’ public may not want to go and see a film about the US financial crisis. There’s so much male energy coursing through JC Chandor’s promising financial crisis thriller Margin Call that by the end of it you’d be clamouring for an oestrogen bath, [...]

European Commission: A roadmap for stability and growth

The Commission has presented a roadmap outlining the comprehensive response that is needed to restore confidence in the Euro area and the European Union as a whole. This response is designed to break the vicious circle between doubts over the sustainability of sovereign debt, the stability of the banking system and the European Union’s growth [...]

Banking crises and recessions: what can leading indicators tell us?

By Matthew Corder and Martin Weale. Summary. Policymakers need to be aware of the risk of extreme events such as recessions and banking crises. Given the future is uncertain, monetary policy makers need to consider the full range of risks around their forecasts when considering policy, including the probability of recession. Financial stability policy makers [...]

The global financial crisis and the role of monetary policy

Speech by Jürgen Stark, Member of the Executive Board of the ECB at the 13th Annual Emerging Markets Conference 2011 Washington, 24 September 2011. Ladies and gentlemen, I am very pleased to address this distinguished audience. Looking back over time, we see that the role and conduct of monetary policy has often changed in response [...]

Constraints on Central Banks Leave Markets Adrift

Constraints on Central Banks Leave Markets Adrift. They called it the “Greenspan put,” and it reassured a generation of traders. If economic storms were gathering, the top central banks — most important the Federal Reserve, then led by Alan Greenspan — could and would step in to prevent disaster. Because the traders effectively had a [...]

Credit ratings: How Fitch, Moody’s and S&P rate each country

Italy has lost its A+ rating as Standard and Poor’s downgrades it one level to A. See how different country scores compare. Italy have had their A+ rating cut a level reducing their Standard and Poor’s (S&P) sovereign rating to A. The decision has angered Italian prime minister Silvio Berlusconi. Alex Hawkes writes: Italian prime [...]

Why did nobody stop Gordon Brown?

Another memoir from a former member of Brown’s government adds brushstroke detail and depth to his monster status. The third reaction on reading Alistair Darling’s memoir, after enjoying the quality of the writing and the nicely understated humour, is to wonder again how Gordon Brown was ever allowed to be Prime Minister. Of course, we [...]

IMF: Global Risks Are Rising, But There Is a Path to Recovery

Remarks at Jackson Hole by Christine Lagarde, Managing Director, International Monetary Fund. Let me first thank Tom Hoenig for inviting me to participate in this remarkable conference in Jackson Hole. Tom has served the Federal Reserve System with great distinction, and has made a significant contribution to economic and monetary policy discussion. And let me [...]

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