Opinion
Thatcher's stance on the ECB deserves re-appraisal
Former UK prime minister Margaret Thatcher feared an independent ECB ‘accountable to no one, least of all national parliaments'. Her concerns seem even more relevant today
Robert Pringle’s Viewpoint: Wider lessons of the Cyprus bail-out
The clumsy attempts to resolve a banking crisis in Cyprus underline the need to make more rapid progress on wider issues afflicting much larger financial markets in Europe
BoJ changes represent the death knell for central bank independence
The growing policy crisis caused by central banks taking on roles beyond price stability and lender of last resort is not down to 'independence' – as the BoJ case points out
The trade-off between bank regulation and economic growth
The pendulum has swung firmly in favour of financial services regulatory reform. But economic growth is likely to suffer – particularly in Europe – unless some of the rules are changed
Central banks need to be wary of ‘new’ monetary policy trends
Policy-makers are reappraising the role of independent central banks pursuing inflation targets. Bernd Braasch1 encourages them to use sound evidence to inform their judgements
Central bank independence: more myth than reality?
Crisis responses are placing a heavy burden on many central banks. But there is no evidence showing that legally independent central banks have a better track record in monetary policy
Robert Pringle’s Viewpoint: Assessing Masaaki Shirakawa’s legacy
The policies of outgoing Bank of Japan governor, Masaaki Shirakawa, have brought economic stability to Japan and are likely to be viewed favourably by future generations
Efta court's Icesave ruling leaves European deposit insurance in tatters
Efta court move to dismiss deposit insurance claims on Iceland is a ‘Pyrrhic victory’ that throws the participation of small countries in the single banking market into doubt, argues Tim Young
Robert Pringle’s Viewpoint: Cameron’s high-risk European gamble
British Prime Minister David Cameron's high-stakes bid to renegotiate the UK’s role within the EU has rankled some officials in Europe. But both sides would lose from a UK withdrawal
Robert Pringle’s Viewpoint: Can banking recover its lost reputation?
The UK’s Parliamentary Commission on Banking Standards issued a thoughtful paper in December offering clarity on some of the flaws present in current banking reform
Legal traps facing the ECB
The European Central Bank is set to gain supervisory powers over the continent’s banks via the single supervisory mechanism. René Smits explains the practical issues linked with the banking union
ECB in danger of being forged from fiscal fragility
Mario Draghi has made his mark at the helm of the European Central Bank. But Europe also needs a core set of values that must not be violated
Systemic risk in Europe heightened by Target trap
Huge Target liabilities may explain why Germany sanctioned proposals for ECB bond-buying and the formation of the ESM. But this will not solve Europe’s problems
Robert Pringle’s Viewpoint: Changing of the guard at the Bank of England
Mark Carney's nomination as governor of the Bank of England will be viewed as punishment for the central bank’s staff failing to avert the financial crisis. But Carney also has many strong qualities
Robert Pringle’s Viewpoint: How governments are undermining world finance
Central bankers need to forcefully express their concerns about the unintended consequences of new regulatory policies
Panic in Persia as hyperinflation hits Iran
Iran’s implied monthly inflation rate hit 69.6% in September, meaning the country appears to be entering the world's 58th hyperinflation episode
Robert Pringle’s Viewpoint: Fixing banks and regulation
Central bank balance sheets are ballooning due to the failure of banking systems and new rules are unlikely to address the issue. Only a full legal separation of banking activities will do.
PBoC repo activity does not signify a major shift to open market operations
Substantial market intervention by the People’s Bank of China during the past few months does not signify a policy shift to open market operations – at least, not for now – says Hui Feng
Robert Pringle’s Viewpoint: Central bankers gamble for high stakes
The world’s major central banks have made high-stakes bets in a bid to stabilise economies. But their efforts may do little to promote confidence in the longer-term future of monetary management
The puzzle of monetary policy
The centrepiece of macroeconomic management, inflation targeting by central banks, remains virtually unchallenged despite the crisis of the past five years. This needs to change, argues John Gieve
Robert Pringle’s Viewpoint: The next governor of the Bank
British bank scandals have dramatically reduced the likelihood of a commercial banker taking over from Mervyn King as governor of the Bank of England. But there are still plenty of other candidates
Robert Pringle's Viewpoint: Fatal flaws in inflation targeting
Central bankers face a ‘lose-lose situation’ by accepting dual price and financial stability mandates when even their ability to achieve price stability via inflation targeting is in question
Robert Pringle’s Viewpoint: Under pressure from Hollande and Obama
François Hollande, the new president of France, takes up residence in the Elysée Palace at a time when significant economic adjustment is taking place in the eurozone, albeit at high cost. His victory looks set to add to pressure on central bankers – and…