Michael Ivanovitch is president of MSI Global, a New York-based economic research company. He also served as a senior economist at the OECD in Paris, international economist at the Federal Reserve Bank of New York and taught economics at Columbia Business School.
Expectations of new euro area growth initiatives after the German elections in September are unrealistic. There is no money, and there is no political will for such measures.
A much greater emphasis on mission and policies would be more useful than the current debate about personalities who might chair the U.S. Federal Reserve (Fed) after next January.