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monetary policy

This tag is associated with 15 posts

Euro area deepening and reform [What Think Tanks are thinking]

Countries sharing the euro have made little to change the functioning of the single currency area since French President Emmanuel Macron called for its major overhaul in 2017. Continue reading

The euro at 20 [What Think Tanks are thinking]

The euro marked its 20th anniversary in January 2019, as debates continued about the single currency’s track-record and the shape of future reform. Continue reading

EU policies – Delivering for citizens: Economic policy [Policy Podcast]

In the European Union (EU), although economic policy is the remit of each Member State, there is, nevertheless, multilateral coordination of economic policies between individual countries. Continue reading

Challenges for the euro area [What Think Tanks are thinking]

The discussion on how to deepen and improve the functioning of Economic and Monetary Union (EMU) continues on several fronts. Issues under discussion include euro-area governance, the role of the European Central Bank (ECB), the fiscal rules, debt-mutualisation, risk-sharing, and the nature of, and political compromises between, French and German perspectives within the system. Continue reading

Challenges for the euro area [What Think Tanks are thinking]

In June, the Heads of State or Government of the countries sharing the euro currency will discuss ways to improve the functioning of the euro area. French President Emmanuel Macron has proposed an ambitious reform plan, but Germany, the euro area’s economic powerhouse, is more cautious. Continue reading

Ranking of unsecured debt instruments in insolvency hierarchy [EU Legislation in Progress]

Written by Angelos Delivorias (1st edition), Following the global financial crisis, the European Union extensively reformed its regulatory framework for financial services. With legislation such as the Bank Recovery and Resolution Directive (BRRD), it ensures that, through mechanisms such as ‘bail-in’, the recovery or restructuring of distressed financial institutions is done without spreading to other … 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

A fiscal capacity for the euro area? Options for reforms to counter asymmetric shocks

The idea to create a ‘fiscal capacity’ for the euro area was launched in the wake of the sovereign debt crisis, with the recognition that weaknesses in the Economic and Monetary Union (EMU) had worsened the crisis. Although the debate has lost some momentum as euro-area countries have stepped back from the acute phase of the crisis, the EU institutions continue to work on designing a framework to bolster EMU, looking in particular at automatic stabilisers. The European Parliament’s Committees on Budgets and Economic and Monetary Affairs are currently preparing a report on a budgetary capacity for the euro area. 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 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

Lithuania on the way towards euro adoption

6 language versions available in PDF format Litauen auf dem Weg zur Euro-Einführung Lituania en el camino hacia la adopción del euro La Lituanie se prépare à adopter l’euro La Lituania verso l’adozione dell’euro Litwa na drodze do przyjęcia euro Lithuania on the way towards euro adoption After Latvia joined the euro area at the … 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

Constitutional problems of multi-tier governance in the EU

Differentiated integration – where some Member States are not yet ready or are unwilling to participate in new developments – is a fact of today’s European Union. Nonetheless, the route chosen by the Member States to move forward has a major impact both on the legal certainty around any new instruments and on their democratic … Continue reading

Library focus on EU’s Social Dimension

Since the start of the crisis in 2008, we’ve been hearing a lot about fiscal and financial issues– everything from austerity and deficits through monetary policy and quantitative easing to volatility and yields. But the difficult period that Europe has been going through isn’t just about economics and finance. It’s about people, too. So this … Continue reading

A first step towards banking union

Banking union is one offour building blocks for creating genuine economic and monetary union identified by European Council President, Herman van Rompuy. Such a union would aim to break the negative feedback loop between sovereign debt and the health of the banking system. As a first step, the European Commission proposed in September 2012 to … Continue reading

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