Setting New Priorities for the ECB’s Mandate
Beyond price stability, the EU Treaties assign to the ECB a range of secondary objectives. We investigate the linkages between price stability and these objectives to assess whether they are independent, complementary or substitutable, which is important to refine the definition of the mandate. Keeping the current mandate would not provide leeway for the ECB to reach other objectives. We propose to broaden the mandate to include employment and financial stability. Enhanced coordination should contribute to fulfilling the objectives. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs.
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External author
Christophe BLOT, Jérôme CREEL, Emmanuelle FAURE and Paul HUBERT
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Keyword
- climate change
- deterioration of the environment
- economic conditions
- economic policy
- ECONOMICS
- employment
- EMPLOYMENT AND WORKING CONDITIONS
- ENVIRONMENT
- EU institutions and European civil service
- European Central Bank
- EUROPEAN UNION
- FINANCE
- financial stability
- fiscal policy
- free movement of capital
- full employment
- inflation
- monetary economics
- monetary policy
- powers of the institutions (EU)
- price stability
- prices
- sustainable development
- taxation