Financial Protectionism: the First Tests
Rose, Andrew & Wieladek, Tomasz. To what extent has financial nationalism changed banks’ lending behaviour in the aftermath of the global crisis? The authors of CEPR DP8404 find much evidence that financial protectionism has morphed the lending practices of foreign banks in Britain since 2008. But–unexpectedly–they also find that British banks nationalised during the crisis changed their […]
Geneva on the Rhine
Moisi, Dominique. Twenty years ago, in the immediate aftermath of Germany’s reunification, French magazines were full of caricatures of Chancellor Helmut Kohl wearing the traditional pointed Prussian helmet. The new Germany was perceived as a threat to the European balance. Germany was simply “too much” again. German geopolitical ambitions, it was believed, would invariably seek […]
Greece, the unbearable heaviness of debt
Manasse, Paolo. For a long time analysts have been arguing about whether Greece will default on part of its debt – leaving its creditors to take a “haircut”. This column argues that this prospect is becoming more and more likely. Many analysts long ago predicted that Greece would have to default on part of its […]
Monetary and macroprudential policies
Angelini, Paolo, Neri, Stefano & Panetta, Fabio. The global financial crisis has prompted an intense debate on the role of macroprudential policies in limiting the accumulation of risks and imbalances. Major economies have recently established new institutions, or strengthened existing ones, with a mandate to pursue financial stability. This column examines the effectiveness and consequences of macroprudential policies […]