The GPI response to the ECB Review invitation, in preparation, examines briefly the first decade of the life of the ECB from 1999, but concentrates on the evolution of the ECB monetary policy, during the second decade, following the Global Financial Crisis. Looking forward – with the added problems posed by the recovery from the...Read More

Following its comparative analysis of the US Federal Reserve and the European Central Bank, published in 2018, fellows at GPI London are responding to Christine Lagarde’s call for submissions to the ECB’s own review that is to be completed end of 2020. The GPI team have split their efforts into an economic review and a...Read More

Professor Sam Whimster, Deputy Director of the Global Policy Institute and Editor of Max Weber Studies, has written a letter for the FT, stressing that the incoming president of the European Central Bank, Ms Christine Lagarde, should “not get drawn into narrow institutional debates”, but instead “use her overview experience to demand changes in the...Read More

The ‘America First’ Endgame argues that we are currently witnessing the ‘endgame’ of the international system established by the USA in the immediate post-WWII period. It is against this background that the US has enacted a new monetary, fiscal, trade and foreign policy mix, ‘America First’, which amounts to a coherent and comprehensive financial war...Read More

Federal Central Banks is a unique study that critically examines the role and impact of central banks in federal and confederal political systems. It has been written and compiled by members of the Banking and Monetary Committee of the Global Policy Institute. It conducts a detailed examination of the history, design and operation of central banking...Read More

Members of the Banking and Monetary Committee of the Global Policy Institute London are assessing the relative effectiveness of the US Federal Reserve Bank in comparison to the European Central Bank. The project takes as its assumption that federal political systems are always dynamic and subject to change. Central banks are a key institution in...Read More

The Japanese policy package known as “Abenomics” began in early 2013 with three major components – monetary, fiscal and structural reforms. This paper focuses on all three components, showing the measures undertaken by different authorities and exploring to what extent the whole package contributes to stimulating the economy; discussing existing current issues and difficulties that...Read More

This paper utilises long term data series on short-term Japanese interest rates to identify historical changes in interest rate behaviour. Japanese trajectories are then compared to those of key foreign short-term rates and their relationship examined using cointegration analysis to assess the impact of international financial integration. The findings suggest that lasting changes began in...Read More