The ECB in the COVID-19 Crisis: Whatever it Takes, Within its Mandate
To keep the euro-area economy afloat, the European Central Bank (ECB) has announced a large number of measures since the beginning of the COVID-19 crisis. This response has triggered fears of a future increase in inflation. We discuss the risks that the ECB is unable to fulfil its price-stability mandate, and also whether these new measures respect legal limits set by the EU Treaties. We conclude that the measures introduced by the ECB during the crisis and the resulting increase in the size of its balance sheet, even if it were to be permanent, should not restrict its ability to achieve its price-stability mandate in the future, within its legal obligations. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs.
Indgående analyse
Ekstern forfatter
Grégory CLAEYS
Om dette dokument
Type af publikation
Nøgleord
- coronavirussygdom
- Den Europæiske Centralbank
- DEN EUROPÆISKE UNION
- Det Europæiske system af Centralbanker
- epidemi
- EU-institutioner og EU-forvaltning
- euroområdet
- FINANSER
- handelspolitik
- inflation
- markedsregulering
- monetær politik
- monetære forhold
- pris
- prisstabilitet
- SOCIALE SPØRGSMÅL
- sundhed
- valutaforhold
- valutakrise
- ØKONOMI
- ØKONOMISK OG HANDELSMÆSSIGT SAMKVEM
- økonomisk recession
- økonomisk situation