ECB Archives - IREF Europe https://en.irefeurope.org/tag/ecb/ Independent research and policy analysis on fiscal, monetary, and regulatory issues in Europe Sun, 10 May 2026 15:21:57 +0000 en-US hourly 1 https://wordpress.org/?v=7.1 https://en.irefeurope.org/wp-content/uploads/sites/3/2026/04/IREF-LinkedIn-Profile-DarkBlue-scaled.png ECB Archives - IREF Europe https://en.irefeurope.org/tag/ecb/ 32 32 Inflation: the worst of all taxes https://en.irefeurope.org/publications/online-articles/article/inflation-the-worst-of-all-taxes/?utm_source=rss&utm_medium=rss&utm_campaign=inflation-the-worst-of-all-taxes Sun, 10 May 2026 15:12:52 +0000 https://en.irefeurope.org/?p=36785 Milton Friedman is often quoted as having said something to the effect that inflation is taxation without legislation on multiple occasions during his career (cf. for example Friedman and Friedman…

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]]> Release of German Debt Brake eliminates the support behind the euro https://en.irefeurope.org/publications/online-articles/article/release-of-german-debt-brake-eliminates-the-support-behind-the-euro/?utm_source=rss&utm_medium=rss&utm_campaign=release-of-german-debt-brake-eliminates-the-support-behind-the-euro https://en.irefeurope.org/publications/online-articles/article/release-of-german-debt-brake-eliminates-the-support-behind-the-euro/#respond Wed, 02 Apr 2025 03:42:10 +0000 https://en.irefeurope.org/?p=35824 Introduction Germany, by releasing its Debt Brake and borrowing more itself, will use up the capacity the markets rely on to bail out the euro. Markets complacently believe the €1.5…

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]]> https://en.irefeurope.org/publications/online-articles/article/release-of-german-debt-brake-eliminates-the-support-behind-the-euro/feed/ 0 The European Central Bank’s capital is now negative! https://en.irefeurope.org/publications/online-articles/article/the-european-central-banks-capital-is-now-negative/?utm_source=rss&utm_medium=rss&utm_campaign=the-european-central-banks-capital-is-now-negative https://en.irefeurope.org/publications/online-articles/article/the-european-central-banks-capital-is-now-negative/#respond Wed, 05 Mar 2025 04:30:07 +0000 https://en.irefeurope.org/?p=35789 Introduction The European Central Bank (ECB) issued its 2024 annual report on 20th February and revealed that it now has negative capital.1 What with the German elections delivering a stalemate,…

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]]> https://en.irefeurope.org/publications/online-articles/article/the-european-central-banks-capital-is-now-negative/feed/ 0 Europe’s Competitive Future, Continued Paralysis or Capital Markets Union and Greater Integration? https://en.irefeurope.org/publications/iref-newsletter/article/europes-competitive-future-continued-paralysis-or-capital-markets-union-and-greater-integration/?utm_source=rss&utm_medium=rss&utm_campaign=europes-competitive-future-continued-paralysis-or-capital-markets-union-and-greater-integration https://en.irefeurope.org/publications/iref-newsletter/article/europes-competitive-future-continued-paralysis-or-capital-markets-union-and-greater-integration/#respond Tue, 01 Oct 2024 03:17:38 +0000 https://en.irefeurope.org/?p=35634 In mid-September former ECB President Mario Draghi published a 400-page report recommending changes necessary to boost the EU’s competitiveness.  Although couched in broadly positive language, the document did little to…

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]]> https://en.irefeurope.org/publications/iref-newsletter/article/europes-competitive-future-continued-paralysis-or-capital-markets-union-and-greater-integration/feed/ 0 CBDCs: the hottest topic in central banking. What form of Central Bank Digital Euro should the ECB Launch? https://en.irefeurope.org/publications/iref-newsletter/article/cbdcs-the-hottest-topic-in-central-banking-what-form-of-central-bank-digital-euro-should-the-ecb-launch/?utm_source=rss&utm_medium=rss&utm_campaign=cbdcs-the-hottest-topic-in-central-banking-what-form-of-central-bank-digital-euro-should-the-ecb-launch https://en.irefeurope.org/publications/iref-newsletter/article/cbdcs-the-hottest-topic-in-central-banking-what-form-of-central-bank-digital-euro-should-the-ecb-launch/#respond Wed, 20 Mar 2024 06:40:54 +0000 https://en.irefeurope.org/?p=35416 Introduction – 130 Central Banks have CBDC Projects Since we last reported on the ECB’s thinking about CBDCs1, multiple central banks have undertaken research in designing, operating and selling CBDCs.…

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]]> https://en.irefeurope.org/publications/iref-newsletter/article/cbdcs-the-hottest-topic-in-central-banking-what-form-of-central-bank-digital-euro-should-the-ecb-launch/feed/ 0 The Outlook for Europe’s banks and economies in the light of Money Supply Increases and potential Reductions https://en.irefeurope.org/publications/iref-newsletter/article/the-outlook-for-europes-banks-and-economies-in-the-light-of-money-supply-increases-and-potential-reductions/?utm_source=rss&utm_medium=rss&utm_campaign=the-outlook-for-europes-banks-and-economies-in-the-light-of-money-supply-increases-and-potential-reductions https://en.irefeurope.org/publications/iref-newsletter/article/the-outlook-for-europes-banks-and-economies-in-the-light-of-money-supply-increases-and-potential-reductions/#respond Wed, 22 Nov 2023 05:27:19 +0000 https://en.irefeurope.org/?p=35290 Followers of US monetary policy are raising concerns about the consequences of the Federal Reserve’s efforts to reverse the 17% growth in the money supply (M21) in the two-year period…

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]]> https://en.irefeurope.org/publications/iref-newsletter/article/the-outlook-for-europes-banks-and-economies-in-the-light-of-money-supply-increases-and-potential-reductions/feed/ 0 New task bolted on to European Stability Mechanism – with how much extra risk? https://en.irefeurope.org/publications/online-articles/article/new-task-bolted-on-to-european-stability-mechanism-with-how-much-extra-risk/?utm_source=rss&utm_medium=rss&utm_campaign=new-task-bolted-on-to-european-stability-mechanism-with-how-much-extra-risk https://en.irefeurope.org/publications/online-articles/article/new-task-bolted-on-to-european-stability-mechanism-with-how-much-extra-risk/#respond Wed, 25 Oct 2023 03:47:03 +0000 https://en.irefeurope.org/?p=35264 Introduction The European Stability Mechanism (ESM) will now be backstop-of-last-resort to the Eurozone banking system, in addition to backstopping the Eurozone member states and the currency itself. Its resources have…

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]]> https://en.irefeurope.org/publications/online-articles/article/new-task-bolted-on-to-european-stability-mechanism-with-how-much-extra-risk/feed/ 0 Bulgaria Has Postponed its Entry into the Eurozone. What Does this Mean? https://en.irefeurope.org/publications/iref-newsletter/article/bulgaria-has-postponed-its-entry-into-the-eurozone-what-does-this-mean/?utm_source=rss&utm_medium=rss&utm_campaign=bulgaria-has-postponed-its-entry-into-the-eurozone-what-does-this-mean https://en.irefeurope.org/publications/iref-newsletter/article/bulgaria-has-postponed-its-entry-into-the-eurozone-what-does-this-mean/#respond Wed, 08 Mar 2023 07:44:55 +0000 https://en.irefeurope.org/?p=34842 Introduction – Bulgaria’s recent announcement On 17 February, Bulgarian finance minister Rositza Velkova announced that, rather than continue as planned with the full, formal adoption of the euro on 1…

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]]> https://en.irefeurope.org/publications/iref-newsletter/article/bulgaria-has-postponed-its-entry-into-the-eurozone-what-does-this-mean/feed/ 0 To what Extent Can the ECB Override Financial Markets? https://en.irefeurope.org/publications/iref-newsletter/article/to-what-extent-can-the-ecb-override-financial-markets/?utm_source=rss&utm_medium=rss&utm_campaign=to-what-extent-can-the-ecb-override-financial-markets https://en.irefeurope.org/publications/iref-newsletter/article/to-what-extent-can-the-ecb-override-financial-markets/#respond Wed, 21 Sep 2022 07:04:08 +0000 https://en.irefeurope.org/?p=34632 Towards the end of August, every year investors focus on the Jackson Hole conference of the central banking global elite. Given widespread acceptance among central bankers that non-temporary inflation is…

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]]> https://en.irefeurope.org/publications/iref-newsletter/article/to-what-extent-can-the-ecb-override-financial-markets/feed/ 0 European Central Bank’s Gaslighting Defies EU Energy Shortage https://en.irefeurope.org/publications/online-articles/article/european-central-banks-gaslighting-defies-eu-energy-shortage/?utm_source=rss&utm_medium=rss&utm_campaign=european-central-banks-gaslighting-defies-eu-energy-shortage https://en.irefeurope.org/publications/online-articles/article/european-central-banks-gaslighting-defies-eu-energy-shortage/#comments Wed, 03 Aug 2022 07:31:33 +0000 https://en.irefeurope.org/?p=34581 This article analyses the disparity between the substance of what was announced and the language put around it by the ECB, mainly in the press release on its Monetary Policy…

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