Newsroom
The global economy developed more strongly than expected at the start of the year. Quantitative easing by central banks, including stimuli via the European Central Bank's fixed-rate loans, gave rise to greater confidence and a stronger performance by both the financial markets and the real economy.
10-12-2012 10:01
Blog
On Thursday 15 November - with the 18th Party Congress in Beijing having ended the day before – it was announced whom the party had chosen as members of the new Politburo Standing Committee i.e. the real political power in China.
19-11-2012 09:48
Blog
China's 18th Party Congress ends today and tomorrow, 15 November, we will know who will hold supreme power in the Politburo i.e. the people who will govern the country in the coming decade.
14-11-2012 15:42
Blog
It’s now official that President Barack Obama has been re-elected. Moreover, the Democrats again appear to have a majority in the Senate, whilst Republicans continue to lead the House of Representatives. Thus the status quo prevails - USD 6 billion later. Despite this expensive campaign and no major change in the powers that be, this election result is to be preferred for the US and for the global economy.
Tags:
election
07-11-2012 19:51
Blog
A few years ago - just after the financial crisis and the global recession - US economists were relatively optimistic about the future. Throughout their careers, they had been accustomed to V-shaped recessions, i.e. relatively quick downturns followed by quick upturns. This time it was different!
22-10-2012 08:49
Blog
When is the right time to pursue expansionary fiscal policy - when Sweden is doing well and has a surplus or when the economic cycle weakens and you need stimulus to strengthen it? Should the government be cautious during bad times to ensure it has reserves for even worse times?
Tags:
budget
25-09-2012 11:59
Blog
The focus at Swedbank's Economic Outlook Seminar was naturally on the eurozone. We asked the initial question: After the German constitutional court approved the ESM with some minor reservations, politicians started to discuss the forms of a banking union, and the European Central Bank (ECB) announced that they were buying crisis countries' government bonds on condition that reforms are implemented - is the eurozone thus on the right track?
Tags:
Swedbank Economic Outlook
18-09-2012 09:59
Blog
This Thursday, some of the world's leading business economists and central bank representatives will participate in the Swedbank Economic Outlook Seminar. The aim is to try to understand economic policy during and after the crisis: How can monetary policy be used when the repo rate is already close to zero? Will the fiscal tightening not only create a recession but also a depression in the crisis countries of southern Europe, and how can this be prevented? What regulations are required in the aftermath of the crisis?
Tags:
Swedbank Economic Outlook Seminar
11-09-2012 15:53
Blog
The Riksbank's announcement was preceded by a high pitched exchange of views. The Riksbank was perceived as being too slow. The vast majority of analysts and players had advocated a rate cut, including myself. A few considered that rates were already low enough and would even need to be raised. What good (or harm) does a monetary policy actually do these days?
Tags:
repo rate
10-09-2012 08:58
Blog
There are surprisingly large differences between academic economists' recipes for solving the eurozone crisis.
Tags:
eurozone
27-08-2012 09:58
Blog
Last week the European Central Bank (ECB) raised financial market expectations when Mario Draghi, the ECB president, declared in London that the central bank will do everything to save the monetary union, "and believe me, it will be enough" was his punch line. Yesterday, Mario Draghi dampened financial markets' mood by not promising any quick fixes to this crisis. Instead, he threw the ball back into the court of eurozone politicians to sort out the crisis.
06-08-2012 10:08
Blog
Yesterday, Statistics Sweden delivered a show of strength that is if Swedish GDP growth is compared to other countries' development as well as to expectations.
Tags:
GDP
31-07-2012 10:00
Blog
Having read the Riksbank's minutes of the latest monetary policy meeting (3 July) it is time for some reflections on the subject. The decision to leave the repo rate unchanged raises a number of questions and it is clear the the Riksbank's direction is struggling with several dilemmas, which the members assess in different ways. Consequently there is a lack of consensus in the decision taking; but what is more alarming is that there is a lack of consensus on the actual importance of the monetary policy for the economic development.
Tags:
repo rate
20-07-2012 12:20
Blog
Today I will participate in three seminars, all related to what Swedbank is working hard for- and will continue to work hard for.
Tags:
Almedalen
03-07-2012 19:19
Blog
Sometimes journalists ask me if I would not like to do something more socially engaging than working in a bank. I usually answer that I honestly cannot see anything more important in society right now than to ensure there are solid banks.
Tags:
Almedalen,
Michael Wolf
02-07-2012 19:22
Blog
The economic crisis in the Euro zone is hastening integration in the Euro zone by linking together the financial policies of the Euro countries and supervision of the banks. It is hard to see any other way forward, as the crisis clearly shows that a currency union cannot be held together by a common monetary policy alone. Up to now, politicians have focused on one obstacle at a time without making any progress, but by also looking at all the government finances and bank as a whole, the Euro zone – to use a football metaphor - is running onto the ball.
28-06-2012 13:58
Blog
Everyone is talking about the need for growth in the eurozone crisis countries, both to keep society together and to facilitate debt reduction and savings programmes. At the same time it is obvious that borrowing to finance investment is no longer viable - the budget deficits cannot once again be allowed to grow. So how should growth be created?
25-06-2012 09:50
Blog
It is obvious that the eurozone does not function during a crisis. It is not possible, under the terms of the treaty, to support countries at risk of suspending payments under the no bail-out clause, and the European Central Bank (ECB) cannot print money to finance member states' debts (monetary financing). At the same time member states cannot print their own money. A payment crisis can arise either because of a country's failure to exercise fiscal discipline and, so to speak, overdraw its account with ever-increasing budget deficits that drive up the national debt. Or a payment crisis may occur because the financial markets distrust the country which causes the risk premium and interest rates to rise so much that the situation becomes untenable. It usually is a combination of both of these causes.
07-06-2012 18:00
Blog
In the mid 1990s the question of Sweden joining the future EMU was investigated. Economists and political scientists said there were several advantages with a monetary union but also disadvantages.
24-05-2012 14:46
Blog
We are increasingly hearing that Europe must choose between tightening government finances and creating growth. Naturally, growth sounds friendlier than austerity. Not so long ago, the financial markets wanted budget consolidation. Without a fiscal pact with budget discipline, the European Central Bank (ECB) was unable to lend to banks to prevent credit tightening and to stabilise the situation. Now, when the financial markets are calmer - and recession is a fact - growth is wanted instead.
14-05-2012 15:28
Blog
