In August 2002 Germany was hit by one of its most severe floods in more than a century, causing total estimated damages of €9.2bn (around 0.4% of GDP). While the current floods are unlikely to be as damaging as those...
The ECB’s decision in early May to cut its key policy rate to a new record low mainly reflected the deteriorating economic outlook in the euro area’s core. Today’s GDP figures provided a timely reminder of the challenges faced by...
Last week’s ECB meeting was, to the extent that it offered nothing more concrete than a 25bp cut in the refinancing rate, a disappointment. But markets were mollified by Draghi’s hint in his press conference of further rate...
The fallout from the financial crisis has changed monetary policy beyond recognition, with central banks finding themselves doing things that were previously taboo...
As expected, the ECB today cut its main refinancing rate by 25bps to a new record low of 0.5%. It also lowered the interest rate on its marginal lending facility by 50bps to 1.0%, narrowing the interest rate corridor...
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