Unconventional monetary policy—characterized by “zero interest rate policy” (ZIRP) and “quantitative easing” (QE), along with macro-prudential regulation—has increased the power of central banks in the United States, Japan, and Europe. In the new issue of Cato Journal, contributors revisit the thinking behind unconventional monetary policy and the “new monetary framework,” make the case for transparent monetary rules versus foggy discretion, and point to the distortions generated by ultra-low interest rates and preferential credit allocation.
When the Danish newspaper Jyllands-Posten published the cartoons of the prophet Muhammad in 2005, Denmark found itself at the center of a global battle about the freedom of speech. The paper’s culture editor, Flemming Rose, defended the decision to print the 12 drawings, and he quickly came to play a central part in the debate about the limitations to freedom of speech in the 21st century. In The Tyranny of Silence, Flemming Rose provides a personal account of an event that has shaped the debate about what it means to be a citizen in a democracy and how to coexist in a world that is increasingly multicultural, multireligious, and multiethnic.
The Cato Institute has released its 2014 Annual Report, which documents a dynamic year of growth and productivity. “Libertarianism is the philosophy of freedom,” Cato’s David Boaz writes in his book, The Libertarian Mind. “It is the indispensable framework for the future.” And as the new report demonstrates, the Cato Institute, thanks largely to the generosity of our Sponsors, is leading the charge to apply this framework across the policy spectrum.
Power Grab: European Integration in the Post-Democratic Age
Featuring Frits Bolkestein, Former EU Commissioner for Internal Market and Services; John R. Gillingham, Board of Curators Professor, University of Missouri-St. Louis; and Angelos Pangratis, Deputy Head of the EU Delegation to the United States; moderated by Marian Tupy, Policy Analyst, Center for Global Liberty and Prosperity, Cato Institute.
The Lisbon Treaty of 2009 massively increased the powers of Brussels and gave the European Union its own resident and foreign service. Supporters of Lisbon claim that it will make the EU more efficient and effective. Critics say that the treaty, which was adopted in spite of its rejection in several national referenda, will further deepen Europe’s “democratic deficit.” Other events, including the violation of the legal arrangements prohibiting the recent bailout of Greece, raise questions about the EU’s commitment to the rule of law. By transcending nationalism, the EU was meant to be the way of the future. Today, however, many associate it with an unelected and unaccountable bureaucracy. Please join us for a discussion about the accomplishments and controversies surrounding the European project.