Draghi has few legal ways to fix the euro

The ECB has signalled that it is safe to bet against the inflation target

Bundesbank has abandoned principle

The eurozone does not need wage or price fixing. It needs further monetary expansion

The west risks collateral damage by punishing Russia

If you want to know how sanctions will affect the global economy, it is best to follow the money

Europe must hit Russia’s finances

We should not exclude that regarding MH17 we are dealing with a first-order global economic shock

How central banks can deal with bubbles

It is a mistake to view macroprudential regulation as a potent independent policy tool

Europe’s dowry not in pounds and pence

Without Britain, EU trade might be lower, finance smaller and austerity less severe, writes Wolfgang Münchau

The US has the highest number of millionaire households

Lethargic Europe needs investment jolt

Giving the banks more money for lending is surely not the answer to a demand problem

Merkel versus Renzi over the eurozone

Rome’s demand for a fundamental rethink of the fiscal rules sets the scene for a political tussle

Europe faces house of debt horrors

The most likely trajectory is a long period of slow growth, low inflation

Drifters wait but inflation never comes

Draghi is trying a new approach, and if that does not work, he will try another

Renzi needs to organise an Italian rescue

The prime minister may even be capable of saving the eurozone from itself

Inflation orthodoxy has lasted too long

Central banks should try to hit a predetermined price level each year

Draghi missed his chance on inflation

QE might not work precisely because it has been left too late

Italy’s europhiles need to get to work

Globalisation brought new customers for German cars, but for Italy it brought new competitors

Voting will not change Europe’s real power balance

A popular backlash against Brussels should not be surprising

Confidence is a poor measure of health

An improvement in mood in the eurozone is far from being a signal a robust recovery

This could be when Greece defaults

It not in recession nor is it recovering. It has collapsed. But there is another story

Austerity test awaits Europe’s new boys

Just busting the budget is not a smart strategy. Renzi and Valls will need to mount a broader challenge

ECB talks too much and acts too little

It’s showtime and quantitative easing is the only big policy tool left to do the heavy lifting

Play the long game on sanctions

The region needs to address its dependence on Russian energy and cash, writes Wolfgang Münchau


Wolfgang Münchau Wolfgang Münchau is an associate editor of the Financial Times, where he writes a weekly column about the European Union and the European economy. Before taking up this position in September 2003, he was co-editor of Financial Times Deutschland for two years.

Before joining FT Deutschland, Mr Münchau was a Frankfurt correspondent and later economics correspondent of the Financial Times, reporting on the preparation for the final stage of monetary union and the launch of the euro.

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