The European Union’s Dublin Conundrum
Tensions over immigration continue to dominate European politics. In Italy, Interior Minister Matteo Salvini, a populist firebrand, is monopolizing the public’s attention with almost daily ... Read more
Daniel Gros
Why Are Illiberal Democrats Popular?
The rise of “illiberal democracy” in Europe is one of the most baneful trends of our time. These regimes are typically centered on a leader
The Inflation Target Trap
Central banks have a problem: growth in much of the world is accelerating, but inflation has failed to take off. Of course, for most people,
The Eurozone’s Hidden Strength
For years, the eurozone has been perceived as a disaster area, with discussions of the monetary union’s future often centered on a possible breakup. When
The End Of German Hegemony
Without anyone quite noticing, Europe’s internal balance of power has been shifting. Germany’s dominant position, which has seemed absolute since the 2008 financial crisis, is
We Now Have Money For Nothing
The developed world seems to be moving toward a long-term zero-interest-rate environment. Though the United States, the United Kingdom, Japan, and the eurozone have kept central-bank
The ECB’s Faulty QE Weapon
The discussion has so far followed easily predictable national patterns: Creditor countries do not object to deflation, because it increases the real value of their