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Communication During Unconventional Times: The ECB’s Approach

15-01-2020

During the past five years, communication of the ECB has changed drastically, not least with the introduction of forward guidance. Against this backdrop, this note assesses how successful the central bank has been in influencing financial markets and expectations and discusses the challenges for future ECB communication. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

During the past five years, communication of the ECB has changed drastically, not least with the introduction of forward guidance. Against this backdrop, this note assesses how successful the central bank has been in influencing financial markets and expectations and discusses the challenges for future ECB communication. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Autor extern

Eddie GERBA and Corrado MACCHIARELLI

Walking the Thin Line: Central Bank Communication

15-01-2020

Central banks use communication both as a monetary policy instrument and as a tool for accountability. The ECB’s communication practices have changed significantly in recent years. Yet, new challenges await. The ECB President, Ms Christine Lagarde, stated that she sees the general public as the “new frontier” for central bank communications. The Monetary Expert Panel was asked to produce three papers on this topic. This publication is provided by Policy Department A at the request of the Committee ...

Central banks use communication both as a monetary policy instrument and as a tool for accountability. The ECB’s communication practices have changed significantly in recent years. Yet, new challenges await. The ECB President, Ms Christine Lagarde, stated that she sees the general public as the “new frontier” for central bank communications. The Monetary Expert Panel was asked to produce three papers on this topic. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Autor extern

Daniel GROS, Angela CAPOLONGO, Kerstin BERNOTH, Geraldine DANY-KNEDLIK, Eddie GERBA, Corrado MACCHIARELLI

The Urgent Need for a Review of the ECB's Monetary Policy Strategy: Towards an Institutional Review

15-11-2019

It has been sixteen years since the European Central Bank has undertaken a review of its monetary policy. In the intervening time, the world – and the economic challenges facing the ECB – have changed immensely. This paper argues that a review is overdue but that it should not be limited to policies; instead, an institutional review is needed. This would consist of a backward-looking assessment of outcomes versus mandates, coupled with a forward-looking scenario planning exercise. This document was ...

It has been sixteen years since the European Central Bank has undertaken a review of its monetary policy. In the intervening time, the world – and the economic challenges facing the ECB – have changed immensely. This paper argues that a review is overdue but that it should not be limited to policies; instead, an institutional review is needed. This would consist of a backward-looking assessment of outcomes versus mandates, coupled with a forward-looking scenario planning exercise. This document was provided by Policy Department A for the European Parliament's Committee on Economic and Monetary Affairs.

Autor extern

Christopher A. HARTWELL

Priorities for Review of the ECB’s Monetary Policy Strategy

15-11-2019

Lower neutral rates of interest have eroded the policy space necessary to fight recessions. Against this backdrop, several central banks are re-assessing how their strategy and tools can be refined to best achieve their goals. The ECB should be no exception. Its strategy review should focus on redefining the inflation objective and on developing contingency plans for using its statutory authority creatively to achieve its mandate. This document was provided by Policy Department A for the European ...

Lower neutral rates of interest have eroded the policy space necessary to fight recessions. Against this backdrop, several central banks are re-assessing how their strategy and tools can be refined to best achieve their goals. The ECB should be no exception. Its strategy review should focus on redefining the inflation objective and on developing contingency plans for using its statutory authority creatively to achieve its mandate. This document was provided by Policy Department A for the European Parliament's Committee on Economic and Monetary Affairs.

Autor extern

Jérémie COHEN-SETTON, Christopher G. COLLINS, Joseph E. GAGNON

Recommendations for the ECB’s Monetary Policy Strategy Review

15-11-2019

A review into monetary policy strategy, tools, and communications is underway at the Federal Reserve. The ECB’s new President has signalled support for a review of this sort for the Eurosystem. This paper considers five areas where a review of ECB monetary policy strategy could focus and makes recommendations in relation to each area. The five areas are price stability, the monetary pillar, liquidity provision, balance sheet risk and communications. Most importantly, it is recommended that the ECB ...

A review into monetary policy strategy, tools, and communications is underway at the Federal Reserve. The ECB’s new President has signalled support for a review of this sort for the Eurosystem. This paper considers five areas where a review of ECB monetary policy strategy could focus and makes recommendations in relation to each area. The five areas are price stability, the monetary pillar, liquidity provision, balance sheet risk and communications. Most importantly, it is recommended that the ECB adopt a 2 percent average inflation rate as its definition of price stability and remove the monetary pillar from its official monetary policy strategy. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Autor extern

Professor Karl WHELAN

Thoughts on a Review of the ECB’s Monetary Policy Strategy

15-11-2019

Time is ripe for a review of the ECB strategy: the economic context and the audience for communication have changed, and the tools for policy decisions and for analysing the environment have expanded. The definition of the inflation target, the two-pillar strategy and the use of “non-standard” policy measures need discussion. A change in the ECB mandate is also worth discussing for it would permit to evaluate the current strategy and mandate against an alternative. This document was provided by Policy ...

Time is ripe for a review of the ECB strategy: the economic context and the audience for communication have changed, and the tools for policy decisions and for analysing the environment have expanded. The definition of the inflation target, the two-pillar strategy and the use of “non-standard” policy measures need discussion. A change in the ECB mandate is also worth discussing for it would permit to evaluate the current strategy and mandate against an alternative. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Autor extern

Christophe BLOT, Jérôme CREEL and Paul HUBERT

The Two-pillar Strategy of the ECB: Ready for a Review

15-11-2019

Inflation has remained below the ECB’s own target of ‘below, but close to 2%’ for a long time despite massive doses of unconventional policies, suggesting that the present ‘two pillar’ strategy does not work. A review of the strategy will be useful only if it is entrusted to independent experts. Otherwise, it is likely to result in the finding that only marginal changes to the existing strategy are needed and that larger doses of the present policy will be sufficient to achieve the inflation target ...

Inflation has remained below the ECB’s own target of ‘below, but close to 2%’ for a long time despite massive doses of unconventional policies, suggesting that the present ‘two pillar’ strategy does not work. A review of the strategy will be useful only if it is entrusted to independent experts. Otherwise, it is likely to result in the finding that only marginal changes to the existing strategy are needed and that larger doses of the present policy will be sufficient to achieve the inflation target. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs (ECON) Committee.

Autor extern

Daniel GROS, Angela CAPOLONGO

Task Ahead: Review of the ECB's Monetary Policy Strategy

15-11-2019

The new ECB President, Ms Christine Lagarde, indicated in her appointment hearing in ECON on 4 September, that she would be open to a review of the ECB’s monetary policy strategy. The last review was carried out in 2003. ECON’s Monetary Expert Panel has produced 5 papers on this topic ahead of the Monetary Dialogue on 2 December. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

The new ECB President, Ms Christine Lagarde, indicated in her appointment hearing in ECON on 4 September, that she would be open to a review of the ECB’s monetary policy strategy. The last review was carried out in 2003. ECON’s Monetary Expert Panel has produced 5 papers on this topic ahead of the Monetary Dialogue on 2 December. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Autor extern

Christophe BLOT, Jérôme CREEL, Paul HUBERT, Daniel GROS, Angela CAPOLONGO, Jérémie COHEN-SETTON, Christopher G. COLLINS, Joseph E. GAGNON, Karl WHELAN, Christopher A. HARTWELL

Below-target inflation and subdued growth in the euro area and elsewhere: implications for monetary policy

16-09-2019

Committee on Economic and Monetary Affairs (ECON) requested monetary experts to analyse implications of below-target inflation and subdued growth in the the euro area for monetary policy. This note, drawn up by Policy department A, gives an overview of in-depth analyses prepared by the experts for the Monetary Dialogue session which took place on 23 September 2019.

Committee on Economic and Monetary Affairs (ECON) requested monetary experts to analyse implications of below-target inflation and subdued growth in the the euro area for monetary policy. This note, drawn up by Policy department A, gives an overview of in-depth analyses prepared by the experts for the Monetary Dialogue session which took place on 23 September 2019.

Draghi’s Term as ECB President and the Challenges Ahead

16-09-2019

Mario Draghi took over as ECB President at a time of recession for the euro area economy and widespread concerns about whether the euro project could be sustained. The years since have seen an easing of fears of the euro breaking up and the economy recover without triggering inflation above its target level. As such, his presidency must be judged a success. Draghi’s achievements go beyond the successful implementation of monetary policy. He also played a key role in encouraging Banking Union and ...

Mario Draghi took over as ECB President at a time of recession for the euro area economy and widespread concerns about whether the euro project could be sustained. The years since have seen an easing of fears of the euro breaking up and the economy recover without triggering inflation above its target level. As such, his presidency must be judged a success. Draghi’s achievements go beyond the successful implementation of monetary policy. He also played a key role in encouraging Banking Union and other important institutional reforms. The new ECB President faces a difficult set of challenges. The ECB is not meeting its inflation target; inflation expectations are falling; and there are signs of economic weakness. Like Draghi, the next President will require strong communications, diplomatic and political skills to face these challenges successfully.

Autor extern

Karl Whelan

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