Design and sequencing of exit from non-standard monetary policy measures: What should the ECB “new normal” look like?
This paper discusses 1) the design and sequencing of exiting from unconventional monetary policy measures, which the ECB has undertaken to achieve price stability and support the euro area economy and 2) the new normal—namely, how the future operational framework of the ECB should look and to what extent it will resemble the pre-crisis state of affairs. We argue that the exit from unconventional measures should be gradual and accompanied by transparent communication, and that the exit should precede interest rate hikes. The new normal for the ECB is likely to be different from what we know from pre-crisis times (prior to 2008). It is likely to be characterised by the continuation of an extended balance sheet, more active communication measures towards the public, and a greater emphasis on financial stability issues.
Задълбочен анализ
Външен автор
Roman Horvath (CASE)
Относно настоящия документ
Вид публикация
Ключова дума
- брутен вътрешен продукт
- еврозона
- Европейска централна банка
- ЕВРОПЕЙСКИ СЪЮЗ
- единна валутна политика
- ИКОНОМИКА
- икономическа стабилизация
- икономически растеж
- институции на ЕС и европейска публична служба
- инфлация
- национално счетоводство
- парична икономика
- парични отношения
- стабилност на цените
- ФИНАНСИ
- цени