Tag Archives: monetary policy

Central Bank Digital Currencies: Challenges for Commercial banks

Posted on June 16, 2020 by markcliffe

Digital currencies are rapidly moving up the agenda for commercial banks. Although Facebook has been forced back to the drawing board with its grand Libra global currency plan, the Covid-19 pandemic is giving dramatic impetus to the central banks’ studies … Continue reading →

Posted in Banking, Digital Currencies | Tagged CBDCs, China, Economics, Innovation, monetary policy, Technology | Leave a comment

Pandenomics – 15 ways that Covid-19 could change the world

Posted on April 7, 2020 by markcliffe

The Covid-19 pandemic leaves us wrestling with a callous calculus: a crude and capricious trade-off between the tragic and huge loss of life and the many more livelihoods that will be lost. We are nowhere near knowing how bad it … Continue reading →

Posted in Macroeconomics, Politics, Sustainability | Tagged China, consumers, Covid-19, Digital, Economics, employment, EU, financial markets, fiscal policy, Globalization, growth, Innovation, Interest rates, monetary policy, Pandemics, Policy, regulation, Sustainability, Technology, Trade, US | 3 Comments

Looking for Trouble

Posted on April 28, 2016 by markcliffe

How politics could fuel downside risks to global markets It is easy to find downside risks to the outlook for the global economy and markets. Worse still, a recent ING report, entitled ‘Looking For Trouble’, highlights doubts about the ability … Continue reading →

Posted in Brexit, Economic Growth, Macro, Macroeconomics, Politics, US Election | Tagged Brexit, Economics, fiscal policy, global economy, helicopter money, Macroeconomics, monetary policy, Policy, Politics, US | Leave a comment

Savers are Negative on Negative Rates

Posted on February 12, 2016 by markcliffe

In recent weeks market turmoil has put negative interest rates firmly on to the centrals banks’ agenda. The Bank of Japan sprang a surprise by following the European Central Bank in moving into negative territory, and there is even talk … Continue reading →

Posted in EMU, Macro, Macroeconomics | Tagged Economic Growth, Economics, EMU, financial markets, global economy, growth, Macroeconomics, monetary policy, negative rates, saving | 9 Comments

21 Lessons from the Greek Crisis

Posted on August 5, 2015 by markcliffe

The refinancing deal struck on 13th July between Greece and its Eurozone partners left everyone bruised and unhappy. While it staved off the immediate threat of yet greater chaos from Greece being forced to abandon the euro, doubts remain … Continue reading →

Posted in Economic Growth, EMU, Macro, Macroeconomics, Uncategorized | Tagged ECB, Economics, employment, EMU, Euro, Foreign exchange, Germany, Greece, Greek crisis, Grexit, Macroeconomics, monetary policy | Leave a comment

Draghi’s confidence trick is working a treat

Posted on January 29, 2013 by markcliffe

Over the last few months there’s been a dramatic turnaround in capital flows to the Eurozone’s periphery, illustrating the success of ECB President Draghi’s rhetorical flourish last summer to do “whatever it takes” to support EMU. Today’s Financial Times carries … Continue reading →

Posted in Bond Markets, EMU, Macro, Macroeconomics | Tagged bond markets, ECB, Economics, EMU, Euro, financial markets, monetary policy | Leave a comment

The Four Minute Solution to the Euro Crisis…

Posted on October 11, 2012 by markcliffe

…complete with Dutch subtitles, here’s a video, posted originally on the website http://www.mejudice.nl. It summarises the key conclusions arising from the ‘Roads to Survival’ report about how EMU break-up may be avoided (see my June 5th post). But for now, … Continue reading →

Posted in EMU, Macro, Macroeconomics | Tagged Economics, Euro, European Central Bank, Eurozone, financial markets, monetary policy, Policy | Leave a comment

Greco-German Games – No Winners

Posted on May 17, 2012 by markcliffe

Suddenly the prospect of Greece leaving EMU looks horribly real. True, Greek voters continue to signal their continued enthusiasm for staying in. But this is at odds with their rejection of the austerity that is a precondition for the Eurozone’s … Continue reading →

Posted in EMU, Macro, Macroeconomics | Tagged economic cycle, Economics, EMU, financial markets, Germany, Greece, monetary policy | 2 Comments

EMU Break-up: Pay Now, Pay Later

Posted on December 11, 2011 by markcliffe

ING’s economics and strategy team has updated its report quantifying the impact of a possible fracture of Europe’s monetary union. emubreakup 011211The revised estimates suggest an even bigger blow to the region’s output: in a complete break-up the loss could … Continue reading →