14 November 2019

Stefan Gerlach

Chief Economist at BSI Bank in Zurich and a former deputy governor of the Central Bank of Ireland
  • The eurozone economy is in a much better shape than it was in March 2015, when the European Central Bank introduced quantitative easing. Besides, interest rates can hardly be cut much further. Photo: Bloomberg

    It’s time for ECB to put quantitative easing on hold

    - Sep 10, 2019 9:53am
    With economic sentiment in the eurozone worsening rapidly, the European Central Bank is widely expected to announce a robust package of additional stimulus measures at its next meeting on Sept. 12. But although the ECB’s monetary...
  • Christine Lagarde should kick off a long-overdue review of the ECB’s policy framework. Photo: Bloomberg

    Lagarde’s ECB checklist

    - Jul 29, 2019 10:38am
    The surprise nomination of Christine Lagarde to serve as the next president of the European Central Bank has pleased many observers, including me, and disappointed others. Those who are pleased feel that Lagarde’s eight-year term as...
  • By reducing the cost of bank loans through quantitative easing, the European Central Bank encouraged lending to small firms and households across the eurozone. Photo: Reuters

    Three lessons from QE in Europe

    - Feb 1, 2019 10:06am
    With the European Central Bank having recently ended quantitative easing (QE), this is an appropriate time to reflect on the policy’s impact. Three conclusions seem obvious: the ECB’s asset purchases had important macroeconomic benefits, the political...
  • The European Central Bank will try to end asset purchases by December, indicating it has confidence in its ability to achieve price stability. Photo: AFP/Reuters

    Time to untie the ECB’s hands

    - Jul 13, 2018 12:34pm
    The European Central Bank’s recent announcement that it will try to end asset purchases by this December means that it has confidence in its ability to achieve price stability. But those who decided that price stability...
  • Ireland's housing market has been experiencing a blistering recovery but there are hidden dangers. Photo: internet

    Is Ireland building another housing bubble?

    - Jul 15, 2016 11:32am
    After having endured the collapse of its housing market less than a decade ago, Ireland has lately been experiencing a blistering recovery in prices, which already have risen in Dublin by some 50 percent from the...