Ashoka Mody is Charles and Marie Robertson Visiting Professor in International Economic Policy at the Woodrow Wilson School, Princeton University. He is author of EuroTragedy: A Drama in Nine Acts. Previously, Professor Mody was Deputy Director in the International Monetary Fund’s Research and European Departments. He has worked at the World Bank, AT&T’s Bell Laboratories, and the Centre for Development Studies, Trivandrum. He has been a Visiting Professor at the University of Pennsylvania’s Wharton School and is a non-resident fellow at the Center for Financial Studies, Frankfurt. He received his Ph.D. in Economics from Boston University.
Ashoka Mody
Charles and Marie Robertson Visiting Professor in International Economic Policy
409 Robertson Hall, Princeton University
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EuroTragedy
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@doobeedoo2 Won't help. Could make matters worse, a lot worse if, despite its design features, it ends up feeding the sovereign-bank loop.
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@ItaloMedio Correct, no technical limits. But political limits.
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Central bank credibility: actions must match words, else words are cheap talk. ECB has no ammunition now to act on Draghi's words. Yes, may be they will do something. But it will not match the words. Euro bounce back shows markets understand that. t.co/VoyIaPOKjN 3/3.
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The time to push the euro down was 5 years ago. Following Harvard's Jeffrey Frankel, I proposed the ECB, in coordination with other central banks, buy U.S. Treasuries to massively depreciate the euro. There was a global interest in doing so. t.co/g2ge818lVe 2/3.
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Towards the end of Draghi's speech at Sintra, June 18, 9:30 a.m., the euro dropped from about $1.124 to $1.118, about 0.5%. If his were intended to be dovish comments, they did not amount to much. The euro jumped back next day and the latest is $1.129. 1/3 t.co/22ikbDUO0k
