Recent comments by Margaret Bowker

• Should Germany Exit the Euro?

  Euro bonds and an unlikely German exit are issues on the debate horizon, but for now, hopefully Germany will be a supportive observer while Eurozone policy is changing so that reduction is balanced by multiple growth measures. Greater certainty and improved confidence are needed in the Eurozone and in the EU in general; a clearer path is essential involving fewer issues - perhaps FTT and challenging OMT can be removed from the list to assist the way forward.

• Central Banks’ Outdated Independence

  A good article on an interesting subject. When a country's economy is satisfactory, then a Central Bank 's remit is usually narrower and its independence high, often focusing on price stability in order to be a brake on any fiscal exuberance. However, a different ethos comes into effect when growth is very low, or negative, and debt is very high. As Mario Blejer says, crisis situations encourage flexibility in monetary policy and the working together of fiscal and monetary policy. Issuing indications of monetary policy timescales seems a valid measure and offers a greater degree of certainty; and targeting QE and basing monetary flexibilty on growth figures also has merit. Central Bank remits can be adjusted when a Governor's term ends, if the economic situation has improved and it is safe to reintroduce more independence and narrower targeting, although it seems likely a degree of flexibility will be always be retained now.

• A New Business Model for Cyprus

  The Cypriot economy is beginning the process of rebalancing and as in the UK, where the public sector is slimming down and jobs being created in the private sector, the Cypriot banking sector is contracting and the non-banking sector will need considerable support to take up the slack. The vibrancy and lending capacity of the Central Bank of Cyprus will be very important. A growth package from the European Ivestment Bank and others would be appropriate until the country's energy assets come in. There doesn't seem any template issue because a very firm statement was made that the recent bailout was a one off. The Euro Group Chair was evidently theorising and any pan Euro-zone, non-specific change of this magnitude would need to come before the EU.

• Transatlantic Trade’s Transformative Potential

  I'm not sure what Mohamed El-Erian is saying. Is work on the EU/US free trade area agreement slowing down in the same way that media interest is? That would be very disappointing. Hopefully, the groups are toiling away on what is a substantial agreement, due to take at least two years, but with considerable leadership potential globally, in the area of free trade and growth promotion. Clearly there have been a series of urgent situations to push it out of the picture, but it's too important not to have updates from both sides, which would activate the press. Found the vision at the end of the article fascinating. Three and then two blocs,? Felt a bit futuristic, but very though-provoking.