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The Euro's Keeper

As the central bank of the European monetary union, the ECB determines the EU monetary policy. Its main goal: price stability independent from political influence -- a virtue that has been tested during the 2010 euro crisis and subsequent rescue package.

The Greek Patient: Europe Debates Third Bailout Package for Athens

The Greek Patient: Europe Debates Third Bailout Package for Athens

SPIEGEL ONLINE - December 01, 2014

Greece wants to shed the shackles of the troika, but it still hasn't fulfilled the requirements to do so. Despite this, Athens' European partners want to provide additional aid to ensure that the Greek patient makes a complete fiscal and economic recovery. By Christoph Pauly, Christian Reiermann and Christoph Schult more... Comment ]

Monetary Fallacy? Deep Divisions Emerge over ECB Quantitative Easing Plans

Monetary Fallacy? Deep Divisions Emerge over ECB Quantitative Easing Plans

SPIEGEL ONLINE - November 03, 2014

To prevent dangerous deflation, the ECB is discussing a massive program to purchase government bonds. Monetary watchdogs are divided over the measure, with some alleging that central bankers are being held hostage by politicians. By Anne Seith more... Comment ]

The Zombie System: How Capitalism Has Gone Off the Rails

The Zombie System: How Capitalism Has Gone Off the Rails

SPIEGEL ONLINE - October 23, 2014

Six years after the Lehman disaster, the industrialized world is suffering from Japan Syndrome. Growth is minimal, another crash may be brewing and the gulf between rich and poor continues to widen. Can the global economy reinvent itself? By Michael Sauga more... Comment ]

Bungle Bungle: Italy's Failed Economic Turnaround

Bungle Bungle: Italy's Failed Economic Turnaround

SPIEGEL ONLINE - October 06, 2014

Ever since Matteo Renzi became Italy's new prime minister, officials in Berlin and Brussels have had newfound belief that Italy's deep-seated economic problems are being tackled. But that won't happen until the country stops deceiving itself. By Hans-Jürgen Schlamp more... Comment ]

German Central Bank Head Weidmann: 'The Euro Crisis Is Not Yet Behind Us'

German Central Bank Head Weidmann: 'The Euro Crisis Is Not Yet Behind Us'

SPIEGEL ONLINE - September 24, 2014

An extended period of calm on the bond markets has led many to conclude the euro crisis is over. But German central bank head Jens Weidmann says in an interview that the coast still isn't clear and that there is still great need for reforms. Interview by Armin Mahler and Anne Seith more... Comment ]

France and Friends: Merkel Increasingly Isolated on Austerity

France and Friends: Merkel Increasingly Isolated on Austerity

SPIEGEL ONLINE - September 03, 2014

The debate over Germany's insistence on euro-zone austerity has flared anew as an ailing France continues to demand economic stimulus. The European Central Bank may now be siding with Paris, leaving Merkel looking increasingly alone. By SPIEGEL Staff more... Comment ]

Combatting the Crunch: ECB Plans Negative Rate on Bank Deposits

Combatting the Crunch: ECB Plans Negative Rate on Bank Deposits

SPIEGEL ONLINE - May 19, 2014

When it meets on June 6, SPIEGEL has learned, the European Central Bank may implement a negative interest rate for financial institutions seeking to park their money at the Frankfurt powerhouse. The move is aimed at spurring loans. By Christian Reiermann more... Comment ]

Weapon of Last Resort: ECB Considers Possible Deflation Measures

Weapon of Last Resort: ECB Considers Possible Deflation Measures

SPIEGEL ONLINE - April 23, 2014

Though the European Central Bank continues to play down deflation concerns, it is preparing measures to combat falling prices in the event of an emergency. Are the growing fears warranted? By Christian Reiermann and Anne Seith more... Comment ]

Out of Ammo? The Eroding Power of Central Banks

Out of Ammo? The Eroding Power of Central Banks

SPIEGEL ONLINE - April 16, 2014

Since the financial crisis, central banks have slashed interest rates, purchased vast quantities of sovereign bonds and bailed out banks. Now, though, their influence appears to be on the wane with measures producing paltry results. Do they still have control? By Michael Sauga and Anne Seith more... Comment ]

Bank Oversight: Europe Stressed by Approaching Stress Tests

Bank Oversight: Europe Stressed by Approaching Stress Tests

SPIEGEL ONLINE - March 05, 2014

Thousands of ECB auditors have begun examining the balance sheets of euro-zone banks. Stress tests are coming soon. With the European Central Bank in charge of oversight, many hope the EU's financial industry will return to health. But there are risks. By Martin Hesse, Christoph Pauly and Anne Seith more... Comment ]