AUTHOR'S BIO
Otmar Issing
Otmar Issing, President of the Center for Financial Studies at Frankfurt University, was a founding Member of the Executive Board of the European Central Bank and the author of The Birth of the Euro.
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Ban the Common Bond
Otmar Issing Series: European Economies 2009-07-09The increase in interest-rate spreads between euro-zone countries since the onset of the global financial crisis has led to wider support for the idea of a pan-European bond. But such a bond would impose high financial costs on fiscally sound countries, encourage continued profligacy by high-deficit countries, and undermine the credibility of the euro zone as a whole.... read Comments: 0 Recommended: 0 Read: 16300
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Europe's Anchor of Stability
Otmar Issing Series: European Economies 2008-09-09Despite the euro's youth, it has proven to be a remarkable success. Not only has it eliminated exchange-rate risk from trade and investment within the euro zone; it has also provided an anchor of stability for euro-zone members in the face of severe external shocks, including soaring oil prices, the threat of terrorism, two wars, and the sub-prime mortgage meltdown in the US.... read Comments: 0 Recommended: 0 Read: 17820
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The ECB’s Two Pillars - A Success
Otmar Issing Series: European Economies 2006-12-08In October 1998, just before the start of the European Monetary Union, the Governing Council of the European Central Bank (ECB) adopted a stability oriented monetary policy strategy. This strategy comprises three elements: First and foremost it contains a clear commitment to the primary goal of the ECB, which is to safeguard price stability. Price stability was defined as an annual increase in the price level of below two percent over the medium term. ... read Comments: 0 Recommended: 0 Read: 28227
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Monetary Policy and European Growth
Otmar Issing Series: European Economies 2001-06-18Time and again “experts” from all areas try to exert pressure on the European Central Bank to relax its anti-inflationary monetary policy in order to increase economic growth in the euro area. But monetary policy is not the answer to Europe’s ills. Indeed, a babel of criticism may prevent people from seeing that the euro area has witnessed ample economic progress since the euro’s launch. ... read Comments: 0 Recommended: 0 Read: 17387
