Helping the ECB Cross the Rubicon

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Eurozone monetary officials are expected to make history when they gather for the European Central Bank’s next policy-setting meeting on January 22. Observers anticipate that ECB President Mario Draghi and his colleagues will finally cross the Rubicon and announce the launch of a large-scale program of quantitative easing (QE) – in other words, high-volume purchases of government bonds. Though the ECB has resisted QE for more than five years, even as other major central banks embraced it, Executive Board member Benoît Coeuré has already called it the “baseline option.”

The ECB and its Critics

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In Northern Europe and especially in Germany, the decision by the European Central Bank to embark on Quantitative Easing (QE) has triggered an outbreak of accusations. Here is a survival guide for readers lost in indictments.

A Tale of Two Theories

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Global growth disappoints again. A year ago, the International Monetary Fund expected world output to rise 4% in 2015. Now the Fund is forecasting 3.3% for the year – about the same as in 2013 and 2014, and more than a full percentage point below the 2000-2007 average. By Jean Pisani-Ferry

Don't Do Stupid Economic Stuff

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On August 30, 2013, the United States was about to launch air strikes on Syria, where more than a thousand civilians had died in a sarin gas attack perpetrated by the army of President Bashar al-Assad. But a few hours before the strikes were to commence, US President Barack Obama canceled them, surprising America’s allies. Instead, US diplomats engineered a deal with Russian President Vladimir Putin, whereby Russia would take responsibility for removing chemical weapons from Syria. The Syrian civil war went on, without the US becoming directly involved.