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International Cooperation and Crisis Management
EU approves new rating agencies rules
The European Union on Thursday approved new rules creating European oversight for credit rating agencies that have taken some of the blame for the financial crisis by rating bad debt as good.
G 20: Appearance of a big number
What is the impact of the agreements made at the G20 summit of the world's 20 leading nations? Some of them are substantial, many of them just cosmetics.
(in German)
Needed: A global response to the global economic and financial crisis
The financial crisis is a global phenomenon. The downturn continues to be rapidly transmitted across borders through trade and financial channels. A global policy response to provide fiscal stimulus, avoid protectionism and help developing countries is imperative. The G20 summit in London provides a unique opportunity to mobilise the needed cooperation.
The crisis in Eastern Europe: What is to be done?
Eastern European countries have high external imbalances that constrain their policy responses to the crisis. This column says the EU should provide support through both fiscal and financial measures.
(in Englisch)
Don't let murky protectionism stall a global recovery: Things the G20 should do
This column introduces a new ebook presenting in-depth analysis of i) the collapse of global trade, and ii) the new, murkier protection emerging as governments around the world massively increase their role in the economy.
Joint IFI Action Plan In Support of Banking Systems and Lending to the Real Economy in Central and Eastern Europe
COMMUNIQUE by EBRD, EIB and World Bank
EU leaders push sweeping regulations
European leaders on Sunday outlined sweeping proposals to regulate financial markets and hedge funds and clamp down on tax havens as they sought a common position to combat the global economic crisis.
(in Englisch)
Joint Fight against Financial Crisis
The G7 announce a tight co-operation and the use of all appropriate measures to overcome the crisis.
(in German)
Goldman chief calls for tighter controls
Lloyd Blankfein, Goldman Sachs’ chief executive, has called for banks to adopt more stringent accounting practices and accept tougher regulation.
Can the G20 reform the international economic system?
Rather than striving to coordinate fiscal policy responses, leaders should use the G20 platform to strike common ground on long-term reforms to global financial regulation and supervision, starting by recapitalising the IMF and reforming its governance structures.
Austria designs rescue package for Eastern Europe
The governments intends to help Austrian banks that have extended credits to Eastern Europe. In cooperation with other countries and the IMF the economies of those countries should be stabilized.
(in German)
Balance of Payment and Foreign Debt
Still More Negotiating for Turkey, IMF Deal
Turkey and the International Monetary Fund have agreed on a "set of principles" to guide negotiations for a new three-year loan arrangement, but the two sides haven't reached a preliminary deal.
Latin America could face scarce finance
The looming downturn in Latin America could renew the importance of the almost forgotten Inter-American Development Bank.
(in German)
Japan's current account defizit at record high
The Japanese current account deficit has turned into a deficit for the first time in 13 years.
(in German)
Bailouts: the next step up?
Some European governments are contemplating bailouts of other European governments. This column argues that violating the Eurozone’s no-bailout clause this soon would be a mistake.
(in Englisch)
E Europeans battle to drive up currencies
Central European countries tried to bolster their faltering currencies on Wednesday after days of falls against the euro and dollar.
Russia's currency: Down in the dumps
The rouble, a symbol of the Kremlin’s power, is looking sickly.
"Pioniers suffer more"
Economist Michael Landesmann (WIIW) about the effects of the economic crisis on Eastern Europe
(in German)