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Monetary-fiscal interaction

Λεπτομερής ανάλυση 21-09-2023

Achieving a balanced monetary-fiscal policy mix in the euro area is crucial to ensure that monetary policy is able to fulfil its primary price stability objective. This paper outlines, from an economic and legal perspective, the interaction between monetary and fiscal policy in light of the current monetary and fiscal stance and, in particular, the “quasi-fiscal” effects of some unconventional monetary policy measures. Since sustainable public finances are a prerequisite for a price-stability-oriented ...

This briefing provides a summary of all scrutiny activities of the European Parliament related to euro area monetary policy in the period between the September and November , along with a recap of the key monetary policy decisions taken by the European Central Bank’s (ECB’s) Governing Council in that period. These kind of summaries are published regularly after each Monetary Dialogue with the ECB.

Executive Vice-President Dombrovskis and Commissioners Schmit and Gentiloni have been invited to an Economic Dialogue on the launch of the 2023 European Semester, in line with the relevant EU law. This briefing note covers the main elements of the 2023 European Semester Package proposed by the Commission. It gives also an overview of the implementation of the Recovery and Resilience Facility, the Stability and the Growth Pact, the Macroeconomic Imbalances Procedure, the Joint Employment Guidelines ...

Valéry Giscard d'Estaing was one of Europe's leading figures in the generation which came after that of the founding fathers. He was close to Jean Monnet, but he himself said that his main source of inspiration was Robert Schuman. For both Schuman and Valéry Giscard d'Estaing, their relationship with Germany was a thread running through their lives. Valéry Giscard d'Estaing was born in Koblenz, Germany, where his father had been posted in the French administration after the First World War. Giscard ...

A Welcome Revision Rather Than a Revolution

Λεπτομερής ανάλυση 03-11-2021

This contribution is a preliminary analysis of the effect of the ECB's new strategy, notably the revised inflation target, on inflation expectations. We show that the announcement of the new strategy, although necessary for several reasons, had a minor effect on inflation expectations. This reveals that the reform was either already partially anticipated by the market or too timid. Therefore, we present alternative outcomes of the strategy review. This paper was provided by the Policy Department ...

The original full study presents data from 27 banking groups in 10 EU Member States, where it is found that banks have used COVID-19 relief measures extensively, with some cross-country differences as for the intensity of use. Flexibility in risk classification does not seem to have impaired banks’ ability to report and recognise risk properly, even for loans under moratoria. The findings suggest that the impact of the measures on banks’ credit supply has been overall positive and mainly driven ...

Happy birthday? The euro at 20

Λεπτομερής ανάλυση 31-01-2019

We analyse the first twenty years of the euro both from an economic and an institutional perspective. We find that in particular during the period since the financial crisis, convergence as measured by a variety of indicators has not improved. Design flaws in the Eurozone institutional architecture have contributed importantly to this lack of convergence. This is why further reforms are urgently needed. This document was provided by Policy Department A at the request of the Committee on Economic ...

The Euro at 20: Successes, Problems, Progress and Threats

Λεπτομερής ανάλυση 30-01-2019

The euro project has had a difficult second decade but it is worth remembering its successes. The ECB has successfully achieved its primary goal of price stability and the common currency is popular among the euro area’s citizens. This popularity has made the euro more resilient than many people thought possible twenty years ago. A significant number of improvements have been made to the architecture of EMU, have been implemented in the past decade but serious problems remain, relating to fiscal ...

The Euro@20: A critical assessment

Λεπτομερής ανάλυση 30-01-2019

To review the strengths, weaknesses and robustness of the Euro system after 20 years is an enormous project. This paper picks out three of the less usually discussed themes, at least in this context. It focuses on the policy lessons and where design improvements are needed. It makes three points. i) the achievements in the single market are palpable and substantial, but they derive more from investment and productivity growth than they do from trade as such. This carries its own dangers: if the markets ...

Twenty years of the euro: Resilience in the face of unexpected challenges

Λεπτομερής ανάλυση 30-01-2019

The first 20 years of the euro were very different from what had been anticipated. Deflation, rather than inflation became a problem. Financial markets, which had been neglected, became a major source of instability. However, the euro area proved resilient and support for the euro is at historic highs. Looking to the future, the greatest danger might not be another financial crisis, but sluggish growth and an increasing gulf between countries that have successfully adjusted their public finances ...