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Are inflation dynamics different in the euro area and the United States?

Λεπτομερής ανάλυση 16-11-2023

The euro area and the United States have both experienced an episode of strong inflation post COVID-19 pandemic and after the Russian invasion of Ukraine. We highlight commonalities as well as differences in these episodes, in terms of headline and core inflation, inflation differentials and causes, and monetary policy between the euro area and the United States. We propose different scenarios for inflation and monetary policy. This document was provided by the Economic Governance and EMU Scrutiny ...

2023 IMF Annual Meetings: A recap

Λεπτομερής ανάλυση 09-11-2023

The Annual Meetings of the World Bank Group (WBG) and International Monetary Fund (IMF) convene finance ministers and central bank governors to participate in the highest-level decision-making bodies of the two institutions, as well as in various committees and groups that drive the agenda on issues related to the international monetary system and development policy. The 2023 Annual Meetings took place in Marrakesh, Morocco from 9 to 15 October 2023 in a difficult economic and geopolitical context ...

High inflation negatively affects firms and households in a variety of ways, including by eroding real incomes and by widening inequality. Central banks responded by tightening monetary policy stances significantly. This has naturally constrained demand through rising borrowing costs and smaller credit flows to the real economy. The negative impact on economic activity and growth is a standard feature of tightening, yet it deserve to be closely monitored. Four papers were prepared by the ECON Committee ...

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.

Maintaining credibility is currently the top priority

Λεπτομερής ανάλυση 28-11-2022

The dispersion of inflation rates within the euro area tends to increase in times of very strong energy price increases. A small part of this divergence is due to fiscal policy measures implemented by member states and aimed at dampening the energy price increase. The monetary policy response of an inflation targeting central bank to adverse supply shocks depends on the nature of the shock (demand or supply driven, temporary or permanent) and on the credibility of the central bank's commitment to ...

Inflation as a global challenge

Μελέτη 23-11-2022

The inflation challenge today is a global phenomenon and because of the integrated global economy, domestic monetary policy can have spillover effects to other economies. In response to widespread inflation, we are now seeing a synchronised monetary tightening by many central banks. The simultaneous and mutually-compounding tightening of financing conditions might exceed what is necessary to contain inflation and exacerbate the global recession risk. While monetary policy coordination between central ...

Green central banking

Briefing 30-08-2022

Central banks are important actors in the transition towards net zero for three reasons. First, they can manage risks to the financial system and the economy as a whole that arise because of climate change. Second, central banks have themselves become market actors and can help to channel funds into sustainable investments in order to finance the green transformation. Third, they share their expertise to encourage behavioural changes. Measures undertaken by central banks to address these issues are ...

Economic dialogue with Ireland 11 May 2022

Λεπτομερής ανάλυση 06-05-2022

This note presents selected information on the current status of the EU economic governance procedures and related relevant information in view of an Economic Dialogue with Pascal Donohoe, Minister of Finance of Ireland, in the ECON committee of the European Parliament. The invitation for a dialogue is in accordance with the EU economic governance framework.

As a system for standardised payment instructions and messaging services, SWIFT has become the basis for most global financial transactions. On 2 March 2022, the Council decided to cut seven Russian banks from the SWIFT network, as part of a wider sanctions package, including sanctions against Russia's central bank.

Communication is not just talking

Λεπτομερής ανάλυση 31-01-2022

Central bank communication has been developed over the last decades. Much has been learned over time, revealing both the complexity and usefulness of communication. This is an area where there is room for significant improvements. Most of the possible improvements question the way the ECB operates. Only seeking to better talk will not be enough to meet this important challenge. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request ...