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Die EZB will von der Öffentlichkeit verstanden werden, aber sie geht die einfachen Schritte nicht, die dafür nötig wären, bemängelt Peter Bofinger.

Peter Bofinger Given the substantial increase in public debt due to the pandemic, there is a growing debate on new rules or standards for fiscal policy in the euro area. It is obvious that the reference value of 60 per cent of gross domestic product inscribed in the Maastricht treaty of 1992 can no longer serve as an anchor for the fiscal-policy framework. The target was derived from the average debt/GDP ratio of European Union member states in 1990. It thus lacks the sound theoretical and empirical basis required of any evidence-based policy. And with an average debt among the advanced econo...

Should PayPal be worried about your country’s central bank? Bloomberg April 7 | Updated on April 07, 2021 × Authorities in most countries may have no choice except to jump on the digital currencies bandwagon The world of money is about to leap into the great unknown of central bank digital currencies. Will it land in a utopia of universal financial inclusion or crash into a dystopia of instability? Perhaps the experiment will upend banking as we know it, or turn out to be one big damp squib, unable to compete even with an existing private network like PayPal Holdings Inc? Any of these outc...

View: Central banks could issue digital currency, compete directly with PayPal SECTIONS Last Updated: Apr 07, 2021, 07:49 AM IST Share Synopsis Technology is enabling monetary authorities to give ordinary people access to a kind of electronic cash they have never had before. Getty Images Central bank electronic cash is being viewed as a Cold War-type space race between superpowers, writes Andy Mukherjee. Related By Andy Mukherjee The world of money is about to leap into the great unknown of central bank digital currencies. Will it land in a utopia of universal financial inclusion or crash i...

Peter Bofinger With the progress made in vaccinating the population, now is the time to think about the measures required to stimulate the economy and enable a rapid recovery of the losses caused by the pandemic. Of course, special attention should be paid to those sectors—hotels, restaurants and the stationary retail trade—hardest hit by the lockdown, alongside many self-employed people: hairdressers, masseurs, artists. Government stimulus programmes should take three Ts into account: they should be timely, targeted and temporary. Increasingly, a fourth T is mentioned—transformatory. T...