Amplifications

Down with the Eurozone

By Nouriel Roubini
November 11, 2011

By Nouriel Roubini
The opinions expressed are his own.

The eurozone crisis seems to be reaching its climax, with Greece on the verge of default and an inglorious exit from the monetary union, and now Italy on the verge of losing market access. But the eurozone’s problems are much deeper. They are structural, and they severely affect at least four other economies: Ireland, Portugal, Cyprus, and Spain.

The ECB’s battle against central banking

By J. Bradford DeLong
October 31, 2011

By J. Bradford DeLong
The opinions expressed are his own.

When the European Central Bank announced its program of government-bond purchases, it let financial markets know that it thoroughly disliked the idea, was not fully committed to it, and would reverse the policy as soon as it could. Indeed, the ECB proclaimed its belief that the stabilization of government-bond prices brought about by such purchases would be only temporary.