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Marcel Fratzscher

Marcel Fratzscher is President of DIW Berlin, one of the leading economic research institutes and think tanks in Europe, and Professor of Macroeconomics and Finance at Humboldt-University Berlin

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Opinion

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Beatrice Weder di Mauro
Guntram B. Wolff

Mere criticism of the ECB is no solution

What would happen if the ECB failed to respond to the excessively low inflation and the weak economy? And what economic policy would be suitable under the current circumstances, if not monetary policy?

By: Marcel Fratzscher, Reint Gropp, Hans-Helmut Kotz, Jan Krahnen, Christian Odendahl, Beatrice Weder di Mauro and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: April 10, 2016
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Opinion

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Guntram B. Wolff

Greece’s debt burden can and must be lightened within the Euro

The current link between debt servicing and membership of the single currency leads to a vicious circle that increases uncertainty, weakens growth and makes full debt repayment less likely. There will be no confidence and no growth in Greece without a solution to the debt problem.

By: Armin von Bogdandy, Marcel Fratzscher and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: August 5, 2015
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Opinion

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Guntram B. Wolff

Griechenlands Schuldenlast kann und muss im Euroraum erleichtert werden

Die Verknüpfung von Schuldendienst mit der Mitgliedschaft in der Währungsunion führt zu einem Teufelskreis, der das Wachstum schwächt und damit eine Rückzahlung der Schulden unwahrscheinlicher macht. Wir schlagen vor, den Teufelskreis durch eine Bindung der Kreditzinsen an das Wachstum der griechischen Wirtschaft zu durchbrechen. Ein Griechenland ohne Wachstum soll keine Zinsen und keine Tilgung zahlen. Je stärker das Wachstum, desto höher die Zinsen und Rückzahlungen an die europäischen Gläubiger. 

By: Armin von Bogdandy, Marcel Fratzscher and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: July 22, 2015
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Blog Post

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Michael Hüther

The ECB’s bond-purchase dilemma

German opposition to government-bond purchases by the European Central Bank is solidifying ahead of the programme’s likely announcement on January 22. Elections in Greece that could bring a government that will seek to negotiate the country’s debt with official creditors puts the ECB’s decision under even greater scrutiny. The fact that the ECB did not share losses in the previous round of Greek debt restructuring highlights the problem of sovereign QE, which is not feasible or will be ineffective if fiscal implications are excluded. The design of the programme is therefore crucial.

By: Guntram B. Wolff, Marcel Fratzscher and Michael Hüther Topic: European Macroeconomics & Governance Date: January 21, 2015
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Opinion

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Michael Hüther

Die EZB ist verpflichtet, ihr Mandat zu erfüllen

Die Sorgen über die Auswirkungen und die Effektivität des Programms sind groß. Die EZB muss vorsichtig die Kosten und Risiken – vor allem die Umverteilung von fiskalischen Risiken – gegen die Vorteile ihrer Geldpolitik abwägen. Ein gut durchdachtes Programm kann jedoch erfolgreich sein. Der Schlüssel für seinen Erfolg liegt bei seiner glaubwürdigen Ausgestaltung.

By: Guntram B. Wolff, Marcel Fratzscher and Michael Hüther Topic: European Macroeconomics & Governance Date: January 19, 2015
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Opinion

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Michael Hüther
Guntram B. Wolff

Taking the mandate of the ECB seriously

The ECB must achieve price stability in the euro area and contribute to the general economic objectives of the Union, if its price stability mandate allows. At the same time it is also clear that governments continue to bear responsibility. 

By: Marcel Fratzscher, Michael Hüther and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: February 13, 2014