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Stefan Gerlach

Stefan Gerlach

13 commentaries

Stefan Gerlach, Chief Economist of EFG Bank in Zurich, is a former executive director of the Hong Kong Monetary Authority and a former deputy governor of the Central Bank of Ireland.

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  1. The Limits of Central-Bank Independence
    gerlach13_ROSLAN RAHMANAFP via Getty Images_central banks ROSLAN RAHMAN/AFP via Getty Images

    The Limits of Central-Bank Independence

    Aug 1, 2024 Stefan Gerlach reminds monetary policymakers that they are ultimately reliant on political consensus, not law.

  2. Inflation Targeting Isn’t for Everyone
    gerlach12_ROSLAN RAHMANAFP via Getty Images_MAS ROSLAN RAHMAN/AFP via Getty Images

    Inflation Targeting Isn’t for Everyone

    Mar 7, 2024 Stefan Gerlach thinks small, open economies would do better with strategies tailored to their own unique circumstances.

  3. Crunch Time for Central Banks
    gerlach11_getty images_green finance Getty Images

    Crunch Time for Central Banks

    Sep 15, 2020 Stefan Gerlach urges monetary policymakers to respond to shifting public sentiment on inequality and the environment.

  4. Who Can Influence the ECB?
    gerlach10_Sean GallupGetty Images_ECBsignbuilding Sean Gallup/Getty Images

    Who Can Influence the ECB?

    Oct 4, 2019 Stefan Gerlach urges eurozone governments not to nominate inflexible candidates to the European Central Bank's Executive Board.

  5. It’s Time for the ECB to Put QE on Hold
    gerlach9_Ralph OrlowskiGetty Images_eurozone Ralph Orlowski/Getty Images

    It’s Time for the ECB to Put QE on Hold

    Sep 9, 2019 Stefan Gerlach argues that the eurozone does not need additional monetary stimulus for the time being.

  1. elbaradei8_Getty Images_multilateralism Getty Images
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    Multilateralism or Bust

    Mohamed ElBaradei urges political leaders to reaffirm their commitment to international law and cooperation.
  2. oneill128in McNameeGetty Images_trump Win McNamee/Getty Images
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    Trump’s Impossible Economics

    Jim O'Neill thinks the president-elect’s agenda is not only incoherent but also mathematically inconceivable.
  3. ang16_DesignPicsEditorialGettyImages_colonial_sugar_mill_dutch_east_indies1 Design Pics Editorial/Getty Images
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    Doing Development in the Polycrisis

    Yuen Yuen Ang argues that we need a fundamentally different way of thinking about our biggest global problems.
  4. krueger52_FREDERIC J. BROWNAFP via Getty Images_shipping port us FREDERIC J. BROWN/AFP via Getty Images
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    A Better Alternative to Trump’s Tariffs

    Anne O. Krueger

    US President-elect Donald Trump’s plan to impose across-the-board tariffs is unlikely to provide meaningful relief to workers displaced by import competition. A targeted adjustment program that combines retraining opportunities for younger workers and support for older ones would be more effective and less expensive.

     worries that the incoming US administration’s trade policies will harm, not help, American workers.
  5. johnson181_Alexander ManzyukAnadolu Agency via Getty Images_russian oil Alexander Manzyuk/Anadolu Agency via Getty Images
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    Trump Can Win Against China – in Ukraine

    Simon Johnson & Oleg Ustenko

    A much lower price cap on Russian crude, backed up with stronger sanctions enforcement, would leave Russia with no choice but to withdraw from Ukraine. That, in turn, would send a powerful signal to Russia’s allies, and to the Chinese leadership in particular: Anyone who attacks a neighbor will suffer crippling economic consequences.

     argue that forcing Russia to withdraw would yield a clearer win for the US than tariffs on Chinese imports.
  6. deryugina2_ANATOLII STEPANOVAFP via Getty Images_ukraine ANATOLII STEPANOV/AFP via Getty Images
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    Trump’s Best Hope for Peace Is to Support Ukraine

    Tatyana Deryugina, et al. warn that trying to appease Putin could cast the American president-elect as a modern-day Neville Chamberlain.
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    Should Ukraine Have Nuclear Weapons?

    Slavoj Žižek dismisses the idea that firing Western missiles at Russian targets represents a dangerous escalation.
  8. fischer122_NurPhotoGettyImages_berlin_wall_35th_leaders1 NurPhoto/Getty Images
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    The End of the Liberal West

    Joschka Fischer considers what Donald Trump’s return to the White House will mean for Europe and the post-war world order.
  9. op_disparte1_SadikDemirozGetty Images_digitaldollar FREDERIC J. BROWN/AFP via Getty Images
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    Trump’s Inflationary Triple Threat

    Maurice Obstfeld warns that the incoming administration’s agenda would weaken the Fed and destabilize the financial system.

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