New obstacles to the European banking union have emerged over the last year, but a successful transition is both necessary and possible. European leaders have to acknowledge a sequence of policy changes that must take place before the banking union can be completed. Specifically, in the second...

Special resolution regimes for banks and systemically important financial institutions are an attractive alternative to both insolvency and public bailouts and have a compelling track record. The European Council has outlined a policy sequence of three successive steps including the Single...

Europe must adopt policies to grow and reform at the same time to reverse its downward economic slide, excessively low inflation, high unemployment, and the risk of a lost decade or more. Seven years after the start of the global financial crisis in 2007, the prospect of secular stagnation...

Europe must adopt policies to grow and reform at the same time to reverse its downward economic slide, excessively low inflation, high unemployment, and the risk of a lost decade or more. Seven years after the start of the global financial crisis in 2007, the prospect of secular stagnation...

The IFRS 8 standard on operating segments was included in the IASB-FASB convergence program in February 2006 and subsequently adopted by the IASB in November 2006, in spite of widespread negative sentiment about it among investors and other users of financial statements, which the IASB should...

The system of multilateral rules and institutions that constitute the global economic governance regime trails the rapid transformation of the world economy. That system needs to adapt to geopolitical changes and to a growing number and diversity of participants in global economic integration,...

Active accommodation of fiscal consolidations by monetary policy is controversial, as can be seen in current euro area discussions. While many observers acknowledge that there is usually a place for monetary accommodation in response to fiscal consolidation, a sequencing argument is often heard...

The escalating crisis in Ukraine has prompted the United States and Europe to impose the toughest economic sanctions against Russia since the end of the Cold War. Continued instability and military conflict in eastern Ukraine are straining Ukrainian finances. Despite a generous international...

This paper traces the evolution of the Federal Reserve and its engagement with the global economy over the last three decades of the 20th century: 1970 to 2000. The paper examines the Federal Reserve’s role in international economic and financial policy and analysis covering four areas: the...

China's property market has slowed more than expected since the first half of 2014, leading many commentators to believe this could trigger a hard landing of the Chinese economy, even a financial crisis. However, China's nascent property market is experiencing another cyclical turn. The...