currencies

According to recent media reports, the Indian Prime Minister Manmohan Singh is about to announce the appointment of University of Chicago professor and former International Monetary Fund Chief Economist Raghuram Rajan as India's chief…

Everyone seems to be talking about Mario Draghi these days. They think his comments about the ECB doing "whatever it takes" are important. They're not. They are meaningless. Here's why.

Mario Draghi has a specific plan in mind for how the ECB will be able to arrest the sovereign debt crisis. Two Bloomberg central bank sources told the news agency that ECB President Draghi will have talks with Bundesbank President Jens…

The Euro is the national currency of a country that does not exist. Though there is a continent of Europe, as there is of America, there has never been a country of the United States of Europe, and there probably never will be. The Euro is…

I want to revisit Richard Koo's comments three weeks ago after his meeting with a number of German policymakers. I think they are illuminating in terms of why Euro crisis policy is as it is. And given the downturn in German economic…

We have reached end-of-paradigm – the final failure of microeconomics masquerading as macro. The solution, the new macro paradigm, requires monetary literacy and numeracy. And this can only be achieved by removing the conceptual blinders by…

By Sober Look Further evidence of Argentina's crashing economy is now directly visible in the nation's GDP contraction. Reuters: - Argentina's economy contracted in May while industrial production slumped further in June, data…

Germany had a relatively small trade surplus in the early 1990s. But after the euro was formed, the surplus vaulted higher. The clear implication is that Germany's export sector benefitted hugely from the introduction of the euro.

Many orthodox economists ironically adopt something close to a “loan pusher” argument: the excess global saving pushed interest rates down, leading to excessive borrowing by debtor nations that consumed beyond their means. Although the…

A recent story in German magazine Der Spiegel highlights the efforts in 2005 of German Chancellor Gerhard Schroeder to relax the penalties for deficits in breach of the euro zone's stability and growth pact. It is a good review of the…