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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.

Externý autor

Eddie GERBA and Corrado MACCHIARELLI

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.

Externý autor

Karl Whelan

Challenges ahead for the European Central Bank: Navigating in the Dark?

16-09-2019

Monetary policy must reinvent itself in the wake of the crisis. Reinvention is particularly important because the system is riddled with uncertainties and the scope for applying conventional and unconventional instruments is limited. The architecture of Economic and Monetary Union makes the challenge even greater, because alignment of preferences and policies only goes so far. The European Central Bank (ECB) will have to be clearer on what it can do, while remaining flexible in order to manage uncertainties ...

Monetary policy must reinvent itself in the wake of the crisis. Reinvention is particularly important because the system is riddled with uncertainties and the scope for applying conventional and unconventional instruments is limited. The architecture of Economic and Monetary Union makes the challenge even greater, because alignment of preferences and policies only goes so far. The European Central Bank (ECB) will have to be clearer on what it can do, while remaining flexible in order to manage uncertainties and unknowns. While the ECB’s main objective is price stability, it will also have to contribute to the identification of, and response to, financial imbalances, while preserving its independence.

Externý autor

Grégory CLAEYS, Maria DEMERTZIS and Francesco PAPADIA

The euro at 20: Benefits of the Single Currency for Citizens

14-02-2019

On 1 January 2019, the euro turned 20. The launch by 11 EU Member States (MS) of the single currency and of the single monetary policy under the responsibility of the European Central Bank (ECB) was a historic milestone on a journey driven by the ambition to ensure stability and prosperity in Europe. Today, still young, the euro is already the currency of 340 million Europeans in 19 MS. This note, prepared by Policy department A, summarises benefits of the single currency for European citizens.

On 1 January 2019, the euro turned 20. The launch by 11 EU Member States (MS) of the single currency and of the single monetary policy under the responsibility of the European Central Bank (ECB) was a historic milestone on a journey driven by the ambition to ensure stability and prosperity in Europe. Today, still young, the euro is already the currency of 340 million Europeans in 19 MS. This note, prepared by Policy department A, summarises benefits of the single currency for European citizens.

EURO project, 20 years on: A critical assessment and the road ahead

30-01-2019

20 years have passed since EURO was first introduced in 1999. Several restructurings and crises later, the Monetary Union remains, but in a different shape and size to when it was first introduced. Against this background, the current paper critically explores the following dimensions of the Euro Area project: Credibility and stability, economic performance, uneven developments, and the main avenues/challenges for the project in the years to come. The document includes two comparative aspects: a ...

20 years have passed since EURO was first introduced in 1999. Several restructurings and crises later, the Monetary Union remains, but in a different shape and size to when it was first introduced. Against this background, the current paper critically explores the following dimensions of the Euro Area project: Credibility and stability, economic performance, uneven developments, and the main avenues/challenges for the project in the years to come. The document includes two comparative aspects: a domestic dimension from a historical perspective and a global comparison in terms of economic and monetary performance to other advanced economies during the past two decades. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Externý autor

Eddie Gerba

Euro at 20: The Monetary Union from a Bird’s-eye View

30-01-2019

20 years after the start of the monetary union, this briefing takes stock of accomplishments and challenges. In response to the sovereign debt crisis and in its attempts to support fiscal and structural reforms and later to lift inflation back to target, the Eurosystem has manoeuvred itself in a difficult position causing unintended side-effects. At the same time, broad consensus on reforming the institutional framework of monetary and fiscal affairs is still lacking among Eurozone members. This ...

20 years after the start of the monetary union, this briefing takes stock of accomplishments and challenges. In response to the sovereign debt crisis and in its attempts to support fiscal and structural reforms and later to lift inflation back to target, the Eurosystem has manoeuvred itself in a difficult position causing unintended side-effects. At the same time, broad consensus on reforming the institutional framework of monetary and fiscal affairs is still lacking among Eurozone members. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Externý autor

Klaus-Jürgen GERN, Stefan KOOTHS , Ulrich STOLZENBURG

The EURO at 20 - A Critical Assessment

15-01-2019

This note, provided by Policy department A, gives an overview of in-depth analyses prepared for the Monetary Dialogue which took place on 28 January 2019.

This note, provided by Policy department A, gives an overview of in-depth analyses prepared for the Monetary Dialogue which took place on 28 January 2019.

A monetary policy framework for the European Central Bank to deal with uncertainty

03-12-2018

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 ...

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.

Externý autor

Grégory Claeys, Maria Demertzis, Jan Mazza

Does a single monetary policy need a single fiscal counterpart?

29-11-2018

The absence of a single fiscal policy in the euro area does not necessarily constitute a problem for the ECB. In a deep financial crisis poorly coordinated national fiscal policies are likely to be insufficient. But outside crisis periods spill-over effects of fiscal policy are likely to be small and of uncertain sign. Moreover, fiscal policy is always subject to policy errors and other shocks. With many different national policies, individual errors and shocks would tend to cancel out each other ...

The absence of a single fiscal policy in the euro area does not necessarily constitute a problem for the ECB. In a deep financial crisis poorly coordinated national fiscal policies are likely to be insufficient. But outside crisis periods spill-over effects of fiscal policy are likely to be small and of uncertain sign. Moreover, fiscal policy is always subject to policy errors and other shocks. With many different national policies, individual errors and shocks would tend to cancel out each other, at least partially, thus delivering a more stable policy in the aggregate, which should facilitate the task of the ECB to maintain price stability. EMU reform efforts should thus not aim at creating a unified fiscal policy. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Externý autor

Daniel Gros, CEPS

EMU reform and the ‘new normal’ for monetary policy

29-11-2018

The European Central Bank may already be facing the next crisis in the euro area but is still deploying the tools of unconventional monetary policy from the last crisis. This brief looks at the ECB as an institution amongst institutions and shows how even more unconventional approaches will not help the euro area economy. Additionally, given the complexity of money and the effects of expectations, expanding the ECB’s unconventional arsenal is likely to have deleterious consequences across Europe. ...

The European Central Bank may already be facing the next crisis in the euro area but is still deploying the tools of unconventional monetary policy from the last crisis. This brief looks at the ECB as an institution amongst institutions and shows how even more unconventional approaches will not help the euro area economy. Additionally, given the complexity of money and the effects of expectations, expanding the ECB’s unconventional arsenal is likely to have deleterious consequences across Europe. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Externý autor

Christopher A. Hartwell, CASE

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