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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.

Merkel's Unintended Creation: Could Tsipras' Win Upset Balance of Power in Europe?

Merkel's Unintended Creation: Could Tsipras' Win Upset Balance of Power in Europe?

SPIEGEL ONLINE - January 30, 2015

Greek election victor Alexis Tsipras wants an entirely different Europe from the one envisioned by Angela Merkel. His success is likely to stoke anger over Germany's EU dominance. Leaders in France and Italy are also hoping for an end to austerity. By SPIEGEL Staff more... Comment ]

Draghi's Dangerous Bet: The Perils of a Weak Euro

Draghi's Dangerous Bet: The Perils of a Weak Euro

SPIEGEL ONLINE - January 28, 2015

The recent decision by the European Central Bank to open the monetary floodgates has weakened the euro and is boosting the German economy. But the move increases the threat of turbulence on the financial markets and could trigger a currency war. By SPIEGEL Staff more... Comment ]

Operation Helicopter: Could Free Money Help the Euro Zone?

Operation Helicopter: Could Free Money Help the Euro Zone?

SPIEGEL ONLINE - January 06, 2015

Fears that the euro zone is heading for deflation refuse to abate. Now, many economists are demanding that the European Central Bank hand out money to consumers to stimulate the economy. But would it work? By Anne Seith more... Comment ]

Grexit Grumblings: Germany Open to Possible Greek Euro Zone Exit

Grexit Grumblings: Germany Open to Possible Greek Euro Zone Exit

SPIEGEL ONLINE - January 05, 2015

There was a time when Germany feared the consequences were Greece to leave the euro zone. Now, though, with Greek elections approaching, Chancellor Angela Merkel is willing to accept a "Grexit" should a new leftist government in Athens demand concessions. By Nikolaus Blome, Giorgos Christides, Christian Reiermann and Gregor Peter Schmitz more... Comment ]

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 ]