Heiner Flassbeck and Erik Münster
In a recent speech, ECB Executive Board member Isabel Schnabel compared the mandates of the European and American central banks and came to the surprising conclusion that the ECB’s singular mandate (namely, to have price stability as its sole objective) is on a par with the Fed’s dual mandate (to pursue employment and price stability as equally important objectives). …
It’s already starting: one of Germany’s largest trade unions, the chemical industry union IGBCE, is entering collective bargaining negotiations, which are set to begin in January, without any specific demands. ‘Every job counts, every euro counts,’ says the union, …
The first quarter of this century has come to an end, and unfortunately we must conclude that humanity has not become any wiser over the past hundred years. The mid-1920s have become a symbol of light-heartedness, but in reality it was a dance on the edge of a volcano. …
