Тревожный звонок для ЕЦБ

Председатель Федеральной резервной системы США Бен Бернейнк поддался давлению мировых фондовых бирж и совершил значительное урезание процентных ставок – на 75 базовых пунктов – всего лишь за неделю до регулярной встречи Полномочной комиссии по открытому рынку ФРС. Президент Европейского центробанка Жан-Клод Трише никогда бы не позволил такому случиться с ЕЦБ: он манипулирует рынками, рынки им не манипулируют.

В то время, как экономика Америки находится в очевидном периоде спада, Трише угрожает профсоюзам зоны евро превентивным увеличением процентной ставки, если они не будут вести себя так, как, по его мнению, необходимо.

Данные угрозы могут оказаться контрпродуктивными в достижении ценовой стабильности экономики зоны евро – первичной задачи центральных банков.

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    The Brexit Surrender

    European Union leaders meeting in Brussels have given the go-ahead to talks with Britain on post-Brexit trade relations. But, as European Council President Donald Tusk has said, the most difficult challenge – forging a workable deal that secures broad political support on both sides – still lies ahead.

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    ROBERT J. BARRO | How US Corporate Tax Reform Will Boost Growth

    JASON FURMAN & LAWRENCE H. SUMMERS | Robert Barro's Tax Reform Advocacy: A Response

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    From enabling the rise of Donald Trump to hacking the telephone of a murdered British schoolgirl, Murdoch’s media empire has staked its success on stoking populist rage.

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    The Dangerous Delusion of Price Stability

    Since the hyperinflation of the 1970s, which central banks were right to combat by whatever means necessary, maintaining positive but low inflation has become a monetary-policy obsession. But, because the world economy has changed dramatically since then, central bankers have started to miss the monetary-policy forest for the trees.

  5. Harvard’s Jeffrey Frankel Measures the GOP’s Tax Plan

    Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government and a former member of President Bill Clinton’s Council of Economic Advisers, outlines the five criteria he uses to judge the efficacy of tax reform efforts. And in his view, the US Republicans’ most recent offering fails miserably.

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    The Holy Grail of Genetic Engineering

    CRISPR-Cas – a gene-editing technique that is far more precise and efficient than any that has come before it – is poised to change the world. But ensuring that those changes are positive – helping to fight tumors and mosquito-borne illnesses, for example – will require scientists to apply the utmost caution.

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

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