A monetary policy framework for the European Central Bank to deal with uncertainty
We argue that monetary policy faces different challenges to those faced during the period of the great moderation. Greater uncertainties over the ability of monetary policy to control inflation, the instruments that should be used and their effects on financial stability imply that we need to rethink whether the current framework is appropriate. We recommend a few adaptions to the current framework that would provide greater flexibility to the European Central Bank without departing very far from current practices (to avoid risking the credibility that the ECB has acquired since its inception). This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.
Analisi approfondita
Autore esterno
Grégory Claeys, Maria Demertzis, Jan Mazza
Informazioni sul documento
Tipo di pubblicazione
Settore di intervento
Parole chiave
- Banca centrale europea
- crescita economica
- ECONOMIA
- economia monetaria
- FINANZE
- fiscalità
- GEOGRAFIA
- geografia economica
- interesse
- istituti finanziari e di credito
- istituzioni dell'Unione europea e funzione pubblica europea
- politica fiscale
- politica monetaria unica
- relazioni monetarie
- situazione economica
- Stato membro UE
- UNIONE EUROPEA
- zona euro