Europe has done better than most Americans think
Looking at the prime-age employment, Europe performed almost as well as the US:
So what future for Europe after Draghi? The continent is doing OK right now, to an important extent thanks to Draghi’s actions. But there are no reserves of strength, no ammunition to fire, to deal with anything bad. And bad things happen.
After Draghi (Wonkish) – Europe: Surprising success, scary fragility
By: Paul Krugman – City University of New York
What will define the ECB’s next decade
[The ECB] needs to improve the transparency of its decision-making process by clarifying the roles of economic and monetary analysis in its “two-pillar approach” to maintaining price stability. Its inflation target – currently defined as “below, but close to, 2% over the medium term” – must be made more precise, with a correction for its downward bias. This process will be controversial. As is already happening elsewhere, the ECB’s independence will be challenged.
The ECB’s Changing of the Guard
By: Lucrezia Reichlin – London Business School
What qualifications should the new president have?
Konstantinos Efstathiou summarizes the most interesting commentary on what the qualifications should be of the next ECB president.
The next ECB president
By: Konstantinos Efstathiou – Bruegel