Year: 2012

Whoever believed that the never-ending eurozone crisis had been solved during the holiday break would have been surprised by the difficult French bond auction last week, Italian yields once again shooting above the crucial 7 per cent mark, and renewed speculation about a Greek default. […]

Both the Bank of England and the German Bundesbank enjoy formal independence, but this independence looks and feels very different in practice. One can be free of all vices without having a single virtue. In the same way, central banks can be formally independent without adding to economic and financial stability. […]