Policy Papers and Speeches

• “Inflation Differentials in the Euro Area,” Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Sep 2014
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• “Nonstandard Policy Monetary Policy Measures and the Development of the ESCB Balance Sheet in Comparison to the Fed and the Bank of England,” Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, July 2014.
  
  
• “Monetary Dialogue 2009-2014: Looking backward, looking forward,” Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Feb 2014.
  
  
• “Exit Strategies and the Impact on the Euro Area,” Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Dec 2013.
  
  
• “Why is it so Hard to Design a Bank Resolution Regime,” paper written for the Commonwealth Central Bank Governors meeting, Washington, DC, Sep 2013.
  
  
• “The Various Roles of the ECB in the New Financial Architecture,” Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Sep 2013.
  
  
• “Deposit Guarantee Schemes,” Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Jul 2013.
  
  
• “The European Commission’s Proposed Financial Transactions Tax,” EconoMonitor, 17 Apr 2013.
  
  
• “Deposit Insurance after Iceland and Cyprus,” VoxEU.org, 2 Apr 2012.
  
  
• "Monetary Policy, the Provison of Financial Stability and Banking Supervision," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Dec 2012.
  
  
• "Banking Union and a Single Supervisory Mechanism," in Policy Department Economic and Scientific Policy, European Parliament, ed., Banking Union and a Single Supervisory Mechanism, Brussels, European Parliament, Oct 2012, pp. 21-34.
  
  
• "The Role of the ECB in Financial Assistance Programmes," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Jun 2012.
  
  
• "Non-Standard Policy Measures: A First Assessment," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Apr 2012.
  
  
• "Ratings Agencies", in Policy Department Economic and Scientific Policy, European Parliament, ed., Ratings Agencies - Role and Influence of their Sovereign Risk Assessment in the Euro Area, Brussels, European Parliament, Dec 2011, pp. 39-54.
  
  
• "The damaged ECB legitimacy," VoxEU.org, 15 Sept 2011.
  
  
• "Changing of the Guard," (an analysis of the Trichet presidency), Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Aug 2011.
  
  
• "Debt Restructuring," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, 5 Jun 2011.
  
  
• "Bank Resolution Regimes," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, 31 Mar 2011.
  
  
• "Quantitative Easing and Currency Wars," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, 30 Nov 2010.
  
  
• "The EFSM and the EFSF: Now and what follows," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, 31 Aug 2010.
  
  
• "The Greek Sovereign Debt Crisis and the Eurosystem," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, 5 June 2010.
  
  
• "Accountability and the ECB," Paper for the Central Bank of Austria's 38th Economics Conference, "Central Banking after the Crisis: Responsibilities, Strategies, Instruments," Vienna, 31 May 2010.
  Response (page 1, page 2) from the Central Bank of Luxembourg
  
  
• "Love Letters from Iceland: Accountability of the Eurosystem," VoxEU.org, 18 May 2010.
  
  
• "Global Imbalances and the Financial Crisis," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Mar. 2010.
  
  
• "The Icesave Dispute," VoxEU.org, 13 Feb. 2010.
  
  
• "A Systemic Risk Warning System," VoxEU.org, 16 Jan. 2010.
  
  
• "Systemic Risk and the ESRB," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Dec. 2009.
  
  
• "Accountability and the ECB," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Sep. 2009.
  
  
• "Undersized: Could Greenland be the new Iceland? Should it be?", VoxEU.org, 10 Aug. 2009.
  
  
• "Why did the Bankers Behave so Badly?" VoxEU.org, 18 May 2009
  
  
• Comparison of the Monetary Policy Strategies of the Major Central Banks, Policy Department, Economic and Scientific Policy, European Parliament, Mar. 2009, with Juan Castañeda, David Mayes, Pedro Schwartz and Geoffrey Wood.
  
  
• "What Role should the ECB Play in Financial Market Supervision," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Mar. 2009.
  
  
• "Assessment of the Banking Rescue Packages of the Member States: United Kingdom," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Jan. 2009.
  
  
• "Restructuring the International Financial Architecture," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Jan. 2009.
  
  
• "Eligible Central Bank Collateral in Times of Serious Financial Stress," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Nov. 2008.
  
  
• "A Missed Opportunity for the Fed," in A. Felton and C. Reinhart, eds., The First Global Financial Crisis of the 21st Century, Centre for Economic Policy Research, London, 2008, 160-170, with Willem Buiter.
  
  
• "The Central Bank as Market-Maker of Last Resort: From lender of last resort to market-maker of last resort," in A. Felton and C. Reinhart, eds., The First Global Financial Crisis of the 21st Century, Centre for Economic Policy Research, London, 2008, 160-170, with Willem Buiter.
  
  
• "The Collapse of Iceland’s Banks: The predictable end of a non-viable business model," VoxEU.org, Oct. 2008, with Willem Buiter.
  
  
• "The Icelandic Banking Crisis and What to Do about It," Apr. 2008, reprinted as CEPR Policy Insight No. 26, 29 Oct. 2008, with Willem Buiter.
  
  
• "How much Inevitable US-Euro Area Interdependece is there in Monetary Policy?" Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Sept. 2008.
  
  
• "The International Role for the Euro," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Jun. 2008.
  
  
• "Price Stability and the Lender of Last Resort," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, May. 2008.
  
  
• "The Dangerous Protectionism of Barack Obama," VoxEU.org, 26 Feb 2008., with Willem Buiter.
  
  
• "Chilly Response to Bailout Proposals," Letters Section, The Guardian, 10 Feb 2008, with Willem Buiter.
  
  
• "Globalisation and Inflation," Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Dec. 2007.
  
  
• "Murder in the Financial Markets? Whodunnit?" Maverecon blog, Financial Times, 14 Oct. 2007, with Willem Buiter.
  
  
• "Walking the Line, Not Chalking it," Financial Advisor, Financial Times, 27 Sep 2007, with Willem Buiter.
  
  
• "Criteria for Monetary Union Accession," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Sept. 2007.
  
  
• "Bail Out that will Damage the Bank's Credibility," Financial Times, Comments & Analysis page, Comment, 16 Sept. 2007.
  
  
• "Three Steps to Calm the Storm," Financial Times, Comments & Analysis page, Comment, 6 Sept. 2007.
  
  
• "Put the NHS Out of its Misery and Allow Competition," Daily Telegraph, Business News, Comment, 3 Sept. 2007, with Willem Buiter.
  
  
• "Is the Credit Crunch a Lemons Problem?" Economists Forum, Financial Times, 2 Sept. 2007, with Willem Buiter.
  
  
• "Central Banks in a Time of Crisis: A Preliminary Scorecard," Economists' Forum, Financial Times, 20 Aug. 2007, with Willem Buiter.
  
  
• "The Exchange Rate Policy of the ECB," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Jun. 2007.
  
  
• "Wage Setting and Price Stability," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Mar. 2007.
  
  
• "Labour Productivity Growth in the European Union," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Dec. 2006.
  
  
• "Let us Debate whether the UK can be Financed with Taxes that do not Exceed 33 Percent of GDP," Financial Times, Leaders & Letters page, 1 Nov 2006, with Willem Buiter.
  
  
• "When Should the New Central European Members Join the Eurozone?" Journal for Money and Banking 55, Nov. 2006, 5-11, with Willem Buiter.
  
  
• "How the Eurosystem's open-market operations weaken financial market discipline (and what to do about it)," with Willem Buiter; in Fiscal Policy and the Road to the Euro, National Bank of Poland, Warsaw, Oct. 2006, pp. 29-58.
  
  
• "Diverging Competitiveness in the European Union," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Oct. 2006.
  
  
• "The Inflation Criterion for Eurozone Membership: What to do when you fail to meet it", unpublished paper, with Willem Buiter
  
  
• "A Wave of Unilateral "Euro-isations" would Confound the EU's Mean-Spirited Legal Nitpickers," commentary on 'How to Gate-Crash the Eurozone' by Georgi Angelov," Europe's World 4, Autumn 2006, 82-3, with Willem Buiter.
  
  
• "Appointing Central Bankers," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, June 2006.
  
  
• "Eurozone Entry of New EU Member States from Central Europe: Should They? Could They?", Development & Transition, UNDP-LSE Newsletter 4, June 2006, 16 -19, with Willem Buiter.
  
  
• "Lithuania Exclusion from Eurozone Violates Spirit of the Entry Treaty," Financial Times, Leaders & Letters page, 19 May 2006, with Willem Buiter.
  
  
• "Europe must relax its inflation test for euro entrants," Financial Times, 3 May 2006, reprinted on VoxEU.org, 3 May 2006, with Willem Buiter.
  
  
• "Beauties and the Beast: When will the new EU member countries from Central and Eastern Europe join the Eurozone?", unpublished paper, May 2006, with Willem Buiter.
  
  
• "Possible Entry into the Eurozone of New Member States," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Feb. 2006.
  
  
• "The European Parliament's Monetary Dialogue with the ECB and its Panel of Experts," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Nov. 2005.
  
  
• "Rising House Prices and Monetary Policy," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Aug. 2005.
  
  
• "The Conduct of Monetary Policy in the Main Areas," Briefing Paper of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, May 2005.
  
  
• "The Price of Oil and Monetary Policy in the Eurozone," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Jan. 2005.
  
  
• "How Good is the Bank’s of England’s Inflation Targeting Record? " unpublished paper, December 2004, with Willem Buiter.
  
  
• "Global Imbalances," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Nov. 2004.
  
  
• "The Role of the Central Bank," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, May 2004.
  
  
• "The Stability and Growth Pact: Problems and a Possible Solution," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Feb. 2004.
  
  
• "Consumer Price Indices," paper prepared for the Council of Economic Advisors to the Opposition Front Bench, Jan. 2004.
  
  
• Monitoring European Economic Integration: Stability and Growth in Europe - Towards a Better Pact, v.13, Centre for Economic Policy Research, forthcoming, with Antonio Fatas, Andrew Hughs-Hallet, Rolf Strauch and Jurgen von Hagen, 4 Dec. 2003.
  
  
• "The Effect of European Monetary Union on Macroeconomic Theory," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Nov. 2003.
  
  
• "One-Size Fits All Monetary Policy," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Aug. 2003.
  
  
• "The New Monetary Policy Strategy of the ECB," Briefing Paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, May 2003.
  
  
• "The Stability and Growth Pact," speech given at the Institute for Economic Affairs, Feb. 2003.
  
  
• "The UK Housing Boom, Asset Prices and Monetary Policy," speech prepared for the Institute for Economic Affairs conference on Prospects for the UK Economy, 26 Jun. 2002.
  
  
• "Sterilised Foreign Exchange Intervention," speech given at the Institute for Economic Affairs conference on Economic and Monetary Policy in the UK and Europe, 13 Jun. 2000.
  
  
• "Sterile Gesture Won't Tame Sterling," The Observer, 23 Apr. 2000, Business Section, p. 3, with Willem Buiter.
  
  
• Bank of England Commission Final Report, The Conservative Party, London, April 2000 (member of the Commission).
  
  
• "How Other Central Banks Work," World & I 14, Apr. 1999, 56-59.