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“The political foundations of central banking in the US and EU”
This seminar will present Professor Cecchetti’s perspective on monetary policy in the U.S. and the euro area, especially the political underpinnings of central bank independence in the aftermath of the crisis and with the rise of various types of populism on both sides of the Atlantic.
"Public Debt and Private Firm Funding: Evidence from Chinese Cities"
Abstract: In China, local public debt issuance between 2006 and 2013 crowded out investment by private manufacturing firms by tightening their funding constraints, while it did not affect state-owned and foreign firms. Using novel data for local public debt issuance, we establish this result in three ways. First, local public debt is inversely correlated with the city-level investment ratio of domestic private manufacturing firms. Instrumental variable regressions indicate that this link is causal.
Luxembourg – The European Stability Mechanism (ESM) on Tuesday raised €3 billion in a new 10-year bond. The strong order book allowed the ESM to pre-fund €1 billion towards its funding needs for the remainder of the year.
“It is very pleasing to see such strong investor appetite for the ESM’s final deal of the first quarter. We decided to raise the intended volume by €1 billion. We will use this money towards our future funding needs, while at the same time leaving room for further taps of this new issue,” said Siegfried Ruhl, ESM Head of Funding.
“It is very pleasing to see such strong investor appetite for the ESM’s final deal of the first quarter. We decided to raise the intended volume by €1 billion. We will use this money towards our future funding needs, while at the same time leaving room for further taps of this new issue,” said Siegfried Ruhl, ESM Head of Funding.
Luxembourg – The European Stability Mechanism welcomes Transparency International’s initiative to assess the transparency and accountability of the institution. The ESM fully engaged with Transparency International’s work on their report over the last months. It is particularly gratifying to see that the ESM is praised for a number of its practices.
Explainer on the Transparency International report on the ESM
Whose initiative was it to investigate the transparency and accountability of the ESM and why did the ESM decide to engage with Transparency International?
Whose initiative was it to investigate the transparency and accountability of the ESM and why did the ESM decide to engage with Transparency International?
Excerpts of Klaus Regling’s interview with Nikkei Asian Review (Japan)
Excerpts of Klaus Regling’s interview with Nikkei (Japan)
Interview with Rolf Strauch, Member of ESM Management Board
Published in Naftemporiki (Greece) on 6 March 2017