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Guest contributions by the members of the Executive Board

Here you find guest contributions by the members of the Executive Board to national and international newspapers.

The economist and the lamp post - lessons from the crisis

Guest article by Dr Andreas Dombret in Emerging Markets published on 11 October 2014.

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Cunning smoke screen

Guest article by Dr Jens Weidmann in the Süddeutsche Zeitung on 2014-06-24.
The deceptive calm on the financial markets harbours the danger that we may already be forgetting what the crisis only recently taught us about public finances. That would have fatal consequences. Doubts over the sustainability of public finances can unleash massive shocks across the euro area, as became painfully clear during the financial crisis.

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A Missing Tool Against "Too Big to Fail"

Guest article by Jon Cunliffe and Dr Andreas Dombret in the Wall Street Journal published on 2 June 2014.
There is no simple, easy way to cure the problem revealed by the crisis: The financial giants at the heart of the global financial system were so large that they were too big to fail. However, in a functioning market economy every financial institution, regardless of its size and complexity, must be able to exit the market without putting the financial system and broader economy at risk.

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"Financial stability needs both a seatbelt and an airbag"

Guest article by Dr Andreas Dombret in the Handelsblatt newspaper published on 10 April 2014.
If the financial crisis has taught us one thing, it is that it takes just one distressed bank to potentially bring down other institutions and inflict damage on the entire financial system. So if we are to prevent distress in the financial system, we will need to make the individual banks more resilient. And first and foremost, this means increasing their capital. The higher a bank’s capital buffer, the more effectively it can cushion losses, and the less likely the prospect of it encountering problems that might threaten its very existence.

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The German housing market in the low-interest-rate environment

Guest article by Dr Andreas Dombret in "Immobilien & Finanzierung" published January 2014.
Prices for new apartments in German large towns and cities rose by 25% between 2009 and 2012. In addition to the favourable economic situation, this development undoubtedly owes much to the, at present, very low interest rates, which make an investment in residential property appear more attractive than other asset classes. Moreover, buyers who are primarily seeking a home for self-use have been taking advantage of the cheap financing available.

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The consequences of an ineffective money market

Guest contribution by Dr Joachim Nagel to Revue d’économie financière, no 111, published September 2013.
The financial and sovereign debt crisis has had a lasting impact on the euro money market. A lack of confidence among market participants and pronounced uncertainty have led to segmentation and are seen as impediments to the effective allocation of liquidity. Assessing an ineffective money market and its possible consequences, however, is likely to require more information than is currently available.

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