Policy decentralization at the ECB
In-Depth Analysis
15-09-2017
The decentralized implementation of ECB policy to national central banks has raised concerns about the transparency of policy operations. We argue that these concerns are misplaced: first, the sharp monetary easing under the assets purchase programme is actually allocated according to the capital key of the ECB; second, this allocation may feed divergences between the different Eurozone member states. Though the latter point is not part of the ECB mandate, we argue that another policy may well be possible.
In-Depth Analysis
External author
Christophe BLOT, Jérôme CREEL (Sciences Po, OFCE)
About this document
Publication type
Keyword
- BUSINESS AND COMPETITION
- central bank
- decentralisation
- economic analysis
- economic conditions
- economic geography
- economic growth
- ECONOMICS
- EU institutions and European civil service
- EU Member State
- EU statistics
- European Central Bank
- EUROPEAN UNION
- executive power and public service
- FINANCE
- GEOGRAPHY
- inflation
- management
- monetary economics
- operation of the Institutions
- POLITICS
- risk management
- single monetary policy