Rasmus Ruffer

ECB Representative in Washington, D.C. All views are mine; retweets not endorsement.

[Rasmus Ruffer @rasruef]

@lucasguttenberg Toll. Herzlichen Glückwunsch und alles Gute für den neuen Job.

[European Central Bank @ecb]

(THREAD) As technological changes are transforming how we pay, a digital euro could offer a universally accepted, risk-free and trusted means of payment to complement cash. We’ve analysed its possible benefits and challenges in our report https://t.co/RiwOCers68 1/3

[European Central Bank @ecb]

Press release: New Eurosystem repo facility to provide euro liquidity to non-euro area central banks https://t.co/LlkkWWpfW0

[Rasmus Ruffer @rasruef]

Some useful diagrams on the technical details of TLTRO III and PELTRO!

[Isabel Schnabel 🇪🇺🇺🇦 @Isabel_Schnabel]

Yesterday the Governing Council @ecb took important decisions, further easing the liquidity conditions for banks & fostering lending to the economy. Philip Lane provides a comprehensive explanation of the macro environment & our measures in a recent blog post. #ECBexplains 1/12

[Rasmus Ruffer @rasruef]

Philip Lane on the ECB’s response to Covid-19 https://t.co/g44E5SZzHl

[Rasmus Ruffer @rasruef]

As always, very good big picture narrative by Adam Tooze - welcome reprieve from the day-to-day news cycle https://t.co/4tJsmmuKiu

[Isabel Schnabel 🇪🇺🇺🇦 @Isabel_Schnabel]

My interview @DIEZEIT is now available on the @ecb's website in English and German. Main message: The ECB stands ready to do everything to counter market disruptions that impair the transmission of its monetary policy, as decided unanimously by the Governing Council. 1/4

[Richard Baldwin @BaldwinRE]

_icymi
The new eBook is up @voxeu !
|
Please RT!
https://t.co/VJmO8meQLz

[Rasmus Ruffer @rasruef]

These simulations show how to flatten the coronavirus growth curve https://t.co/df4Fx6JUbe

[Rasmus Ruffer @rasruef]

Very thoughtful thread on the German policy response to COVID-19.

[Jens Südekum @jsuedekum]

The German government pulled out a big "liquidity bazooka" today in response to the economic challenges of #Covid_19 . It's volume is huuuuge!

Here're the details:
https://t.co/Z8uot50yxd

But one shouldn't think of this program as a stimulus, but as an insurance package /Thread

[Rasmus Ruffer @rasruef]

Thursday’s package explained - including why, on this occasion, the rate on the Deposit Facility was not cut. https://t.co/EaeYpQ3lTt

[Rasmus Ruffer @rasruef]

@jeuasommenulle It is important not to get lost in the bank level micro perspective but also look at the macro picture. First, not all that is happening with rates is due to monetary policy; second, increase in lending volumes and reduction in credit risk due to general equilibrium effects.

[Rasmus Ruffer @rasruef]

None of that balance unfortunately in Bild reporting which continued with its biased narrative based on very partial analysis. Sad. Yes, interest rates are low, but that part that is due to ECB policy ensured people actually had income from which to save. https://t.co/JlCM38o7QM

[Rasmus Ruffer @rasruef]

Thoughtful and balanced speech by German President Steinmeier on the ECB, Draghi and the German public debate. https://t.co/r7058Tf8NV

[Rasmus Ruffer @rasruef]

Interesting to see the many direction in which human thinking goes: While most people think of the next step for money as being digital, others envisage alternative realities where money plays less of a role. Refreshing to sometimes leave ones own bubble. https://t.co/x1BTgzSrs9

[European Central Bank @ecb]

Welcome @Isabel_Schnabel and Fabio Panetta, who took up their positions as ECB Executive Board members on 1 January. We wish them all the best for their eight-year terms of office.

[European Central Bank @ecb]

Season’s greetings from all of us here at the ECB!
#seasonsgreetings #christmastree

[Rasmus Ruffer @rasruef]

@Amdalleq It would have been good to dig a bit deeper. Rather than just presenting a list of institutions paying negative interest rates, the reader would have benefited from an explanation of the underlying economic forces pushing down interest rates (eg demographics, productivity growth)

[European Central Bank @ecb]

Working paper: A tale of two decades - The ECB’s monetary policy at 20 https://t.co/cGJbNCOyTp

[Rasmus Ruffer @rasruef]

@henrikenderlein @ZDF @ecb In German we call this “Milchmädchenrechnung”. Sounds way too harmless, as it can have disastrous consequences (even without basing policy decisions on it).