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ECB

This tag is associated with 13 posts

ECB policies [What Think Tanks are thinking]

Written by Marcin Grajewski, The European Central Bank is pushing ahead with its monetary stimulus programme, which was launched more than two years ago to counter deflationary pressures in the euro zone economy, and to strengthen then fragile economic growth. Some economists and politicians say the time is becoming ripe for the ECB to taper … Continue reading

Servicing government debt: The impact of rising interest rates

Written by Christian Scheinert, Graphics by Christian Dietrich, Interest rates are at historically low levels, both in the European Union and worldwide. For the euro area, a reason for low market interest rate levels is the accommodative monetary policy of the European Central Bank (ECB), which endeavours to increase inflation levels. Most of the time, … Continue reading

Monetary easing by the ECB [What Think Tanks are thinking]

Written by Marcin Grajewski, The European Central Bank has been easing its monetary policy to counter deflationary forces in the euro-zone economy and to reinforce its fragile growth. On 10 March, the ECB announced another stimulus package, cutting interest rates, expanding its asset purchase programme in size and scope, and introducing measures to make it … Continue reading

The ECB’s Quantitative Easing: Early results and possible risks

Written by Angelos Delivorias, In early 2015, at a time when most indicators of actual and expected inflation in the euro area had drifted towards historic lows, the European Central Bank (ECB) announced that it would launch a new asset purchase programme, which would be similar in many respects to the ‘Quantitative Easing’ (QE) programmes … Continue reading

The ECB and the financial crisis: Rigid theory vs a pragmatic approach

Written by Cemal Karakas The European Central Bank’s (ECB) main objective is stable inflation in the Economic and Monetary Union (EMU). During the financial crisis, the ECB decided to face the economic slump by, amongst other actions, increasing and then decreasing interest rates and the money supply. In addition, it launched a quantitative easing (QE) … Continue reading

The ECB’s ‘unorthodox’ monetary policy [What Think Tanks are thinking]

Written by Marcin Grajewski In March 2015, the European Central Bank (ECB) launched its quantitative easing (QE) programme, the so-called Public Sector Purchase Programme, under which the ECB buys financial assets from euro-area banks, corporations or governments. This 60 billion euro per month scheme is aimed at putting downward pressure on bond yields, warding off … Continue reading

The monetary policy of the ECB: Strategy, conduct and trends

Written by Angelos Delivorias According to Article 127(1) of the Treaty on the Functioning of the European Union, ‘the primary objective of the European System of Central Banks [i.e. the European Central Bank and the national central banks of all EU Member States] shall be to maintain price stability.’ To pursue that objective, the European … Continue reading

ECB Annual Report 2013

Written by Angelos Delivorias 6 language versions available in PDF format Jahresbericht 2013 der EZB Informe anual de 2013 del BCE Rapport annuel 2013 de la BCE Relazione annuale BCE 2013 Roczne sprawozdanie EBC za rok 2013 ECB Annual Report 2013 The European Central Bank has to present an annual report each year covering the … Continue reading

The ECB’s Expanded Asset Purchase Programme

Written by Angelos Delivorias On 22 January 2015, the European Central Bank (ECB) launched its Expanded Asset Purchase Programme (more commonly known as quantitative easing, or QE) with the aim of reviving the euro area economy. This unconventional monetary policy instrument – under which the European Central Bank will create new money to purchase euro-denominated, … Continue reading

Changes to the ECB’s voting rules

Written by Conall Devaney and Aidan Christie With Lithuania joining the euro area on 1 January 2015, the total number of states using the single currency reaches 19, consequently bringing about significant changes in the decision-making structures of the European Central Bank (ECB). In particular, there is a new rotation system for the votes of … Continue reading

The European Central Bank: stable money

The European Central Bank has a growing portfolio of responsibilities, but its essential job is to keep our common currency stable. The ECB has been responsible for the monetary policy of the euro area since 1999. Continue reading

The German Constitutional Court’s ruling on the ECB’s bond-buying decision

On 6 September 2012, the Governing Council of the European Central Bank (ECB) confirmed its President, Mario Draghi’s announcement that the ECB would purchase government bonds on secondary markets, known as Outright Monetary Transactions (OMT). Germany’s Federal Constitutional Court (BVerfG) was called upon to consider the legality of OMT within a case on the constitutionality … Continue reading

European Central Bank: (Un)Conventional policy measures

On 6 September 2012, the European Central Bank (ECB) announced its Outright Monetary Transactions (OMT) programme. The ECB has taken a series of standard and non-standard measures throughout the financial turmoil, the global financial crisis and the Eurozone debt crisis. This is now the second action under which the central bank has entered the sovereign-debt … Continue reading

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