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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 ...

A strong theoretical and empirical case exists for a dual monetary policy mandate. Central banks should aim to stabilise both prices (or inflation) and output (or employment). Other objectives, such as financial stability, reversing climate change, and reducing inequality are at best secondary objectives for which better policy tools are available. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic ...

La dimensión social de la integración europea se ha desarrollado notablemente a lo largo de los años. Constituye un aspecto clave de la Estrategia Europa 2020, que tiene por objeto asegurar un «crecimiento integrador» con elevados niveles de empleo y una reducción del número de personas que viven en la pobreza o que están expuestas al riesgo de exclusión social.