How abnormal was the stock market in October 2008?

By: Paul De Grauwe, Leonardo Iania, Pablo Rovira Kaltwasser

Last month saw a stock market move with a probability of occurring only once in 73,357,946,799,753,

900,000,000 years. What does this tell us about modern finance?

The depression of 2009

Wrong government policies on both sides of the Atlantic are turning a crisis into a catastrophe.

Time for the euro area to become part of the solution

By: Jörg Bibow and Andrea Terzi

It is an outstanding and much ignored fact that an economy similar in size to the U.S. fails to generate domestic demand growth, but relies on exports to kick-start growth instead. Global imbalances have their roots in export-led growth strategies.

Dollar’s last lap as the only anchor currency

By: Wolfgang Muenchau

Bretton Woods II, one of most influential theories about exchange rates in the age of globalisation is about to go up in smoke. We are in the last long lap of the dollar as the world’s only anchor currency. We do not yet fully comprehend the new era, but it is fair to say that it is not going to be Bretton Woods III.

The conditions are in place for another appreciation in the euro's exchange rate

By: Wolfgang Munchau

Three reasons why a euro area exchange policy is undesirable, and one reason why it is not going to work.

Towards $1.50?

By: Wolfgang Münchau

Like it or not, there will either be an exchange rate policy, or interest rates cuts, or both.