Monetary policy
Monetary Policy Expert Panel 2024-2028
Monetary Policy Expert Panel 2024-2028 lists the Members of the Monetary Policy Expert Panel for the Committee on Economic and Monetary Affairs (ECON). The Monetary Policy Expert Panel has been a standard feature of ECON's scrutiny of the European Central Bank (ECB) monetary policy since the euro was launched, by providing independent expertise to the Committee for each Monetary Dialogue.
Monetary Dialogue - 26 February 2026
- Euro area monetary policy: Quarterly overview, February 2026
- Monetary Policy Expert Panel Survey: 2026 Q1
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Monetary Dialogue preparatory meeting, 25 February 2026
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1. Quarterly assessment of the ECB's monetary policy stance
- Macroeconomic Uncertainty, the ECB Monetary Policy Stance and their Communication – Authors: L. BOTTAZZI, C. FAVERO, R. FERNANDEZ FUERTES, F. GIAVAZZI, V. GUERRIERI, G. LORENZONI, T. MONACELLI, A. TRIGARI (PDF - 2 MB)
- Price Stability & Risks: Benign outlook vs potential concerns - Hendrik HEGEMANN, Volker WIELAND, IMFS, Goethe University Frankfurt (PDF - 1 MB)
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2. The inflation gap: divergences between actual and perceived inflation and possible policy implications
- Upward Bias in Inflation Perceptions: Persistence, Drivers, Implications - Peter ANDRE, SAFE, Goethe University Frankfurt, IZA, briq; Claudia SCHAFFRANKA, SAFE; Michael WEBER, Purdue University, NBER, CEPR, SAFE, Ifo (PDF - 1 MB)
- Inflation Perceptions and Expectations: Inertia, Biases and Policy Implications - Paul DE GRAUWE, London School of Economics and Political Science; Yuemei JI, University College London (PDF - 825 KB)
Monetary Dialogue - 3 December 2025
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Transcript of the Monetary Dialogue
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Transcript of the Monetary Dialogue EN (PDF - 226 KB) | FR (PDF - 237 KB) | DE (PDF - 277 KB)
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- Euro area monetary policy: Quarterly overview, December 2025
- Monetary Policy Expert Panel Quarterly Survey: 2025 Q4
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Monetary Dialogue preparatory meeting, 3 December 2025
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1. Quarterly assessment of the ECB's monetary policy stance
- ECB monetary policy after the disinflation - Cinzia ALCIDI, CEPS; Ignazio ANGELONI, Bocconi and SAFE; Cédric TILLE, Graduate Institute, Geneva (PDF - 1 MB)
- How the ECB can stay in a ‘good place’: Recommendations for ECB - S. GRÜNEWALD, University of St. Gallen and European University Institute; D. SCHOENMAKER Erasmus University Rotterdam, Sustainable Finance Lab; B. KRAMER, Sustainable Finance Lab (PDF - 709 KB)
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2. Policy instruments for market stabilisation in the euro area: A review of the ECB’s toolkit
- Governing Sovereign Risk in the Euro Area: N. de BOER, Ph. KRIELE-ORPHAL, L. SUTTOR-SOREL Dez. Zukunft; Ch. ROMMERSKIRCHEN, Univ. of Edinburgh; A. SMOLEŃSKA, Centre for Economic Transition Expertise at the London School of Economics and Political Science (PDF - 1 MB)
- Rules, discretion and market stabilisation in the euro area: An assessment of the European Central Bank’s sovereign stress instruments - Zsolt DARVAS, Bruegel and Corvinus University of Budapest; Francesco PAPADIA, Bruegel (PDF - 674 KB)
Monetary Dialogue - 6 October 2025
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Transcript of the Monetary Dialogue
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Transcript of the Monetary Dialogue EN (PDF - 376 KB) | FR (PDF - 501 KB) | DE (PDF - 493 KB)
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- Monetary Dialogue in October 2025 - Summary of parliamentary scrutiny activities
- Euro area monetary policy: Quarterly overview, October 2025
- Monetary Policy Expert Panel Quarterly Survey: 2025 Q3
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Monetary Dialogue preparatory meeting, 25 September 2025
- Link to the Monetary Dialogue Preparatory Meeting (webstreaming)
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1. Quarterly assessment of the ECB's monetary policy stance
- Euro-area monetary policy in a more shock-prone world - Ravi BALAKRISHNAN, Bruegel (PDF - 1 MB)
- Wait and Watch: Steering Monetary Policy Under Balanced Inflation Risks - Benjamin BORN, University of Bonn; Carl-Wolfram HORN, Emanuel MOENCH, Utso Pal MUSTAFI, Frankfurt School of Finance & Management (PDF - 1 MB)
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2. Currency dominance: implications of a stronger international euro
- Dominance in Transition? The Future of the Dollar and the Euro - Christophe BLOT, Jérôme CREEL, François GEEROLF, Giovanni RICCO, OFCE (PDF - 969 KB)
- Towards A Multipolar System: Strengthening the Euro as a Major International Currency - Paul DE GRAUWE, London School of Economics and Political Science; Yuemei JI, University College London (PDF - 581 KB)
- Moment of the Euro? Perceptions of US dollar Decline - Hendrik HEGEMANN and Volker WIELAND, IMFS, Goethe University Frankfurt (PDF - 1 MB)
Monetary Dialogue - 23 June 2025
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Transcript of the Monetary Dialogue
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Transcript of the Monetary Dialogue EN (PDF - 451 KB) | FR (PDF - 403 KB) | DE (PDF - 383 KB)
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- Monetary Dialogue in June 2025 - Summary of parliamentary scrutiny activities
- Euro area monetary policy: Quarterly overview, June 2025
- Monetary Policy Expert Panel Quarterly Survey: 2025 Q2
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Monetary Dialogue preparatory meeting, 12 June 2025
- Link to the Monetary Dialogue Preparatory Meeting (webstreaming)
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1. Quarterly assessment of the ECB's monetary policy stance
- Navigating Neutrality: ECB Policy Amid Heightened Uncertainty - Michael WEBER, Purdue University, NBER, CEPR, SAFE, Ifo (PDF - 893 KB)
- The ECB’s monetary policy stance in an uncertain environment - Christophe BLOT, OFCE/Sciences Po; Jérôme CREEL, OFCE/Sciences Po; François GEEROLF, OFCE/Sciences Po; Giovanni RICCO, OFCE/Sciences Po; Davide ROMELLI, OFCE/Sciences Po (PDF - 1 MB)
- The Conduct of ECB Monetary Policy Under International Uncertainty - Laura BOTTAZZI; Carlo FAVERO; Ruben FERNANDEZ-FUERTES; Francesco GIAVAZZI; Tommaso MONACELLI; Veronica GUERRIERI; Guido LORENZONI (PDF - 1 MB)
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2. Stablecoins and crypto-assets: developments and challenges for ECB’s monetary policy
- Stablecoins and digital euro: friends or foes of European monetary policy? - Prof. Dr. Dirk BEZEMER, University of Groningen; Prof. Dr. Mark SANDERS, Maastricht University; Brenda KRAMER and Aleksandar SIMIĆ, Sustainable Finance Lab (PDF - 666 KB)
- US digital asset strategy and the European response - Ignazio ANGELONI,IEP Bocconi and SAFE; Cédric TILLE, Geneva Graduate Institute of International and Development Studies (PDF - 886 KB)
- Cryptomercantilism vs. Monetary Sovereignty: Dealing with the Challenge of US Stablecoins for the EU - Jens van ‘t KLOOSTER, University of Amsterdam; Edoardo David MARTINO, University of Amsterdam; Eric MONNET, Paris School of Economics (PDF - 588 KB)
Monetary dialogue - 20 March 2025
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Transcript of the Monetary Dialogue
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Transcript of the Monetary Dialogue EN (PDF - 457 KB) | FR (PDF - 470 KB) | DE (PDF - 469 KB)
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- Monetary Dialogue in March 2025: Summary of parliamentary scrutiny activities
- Euro area monetary policy: Quarterly overview, March 2025
- Monetary Policy Expert Panel Quarterly Survey: 2025 Q1
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1. Quarterly assessment of the ECB's monetary policy stance
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2. US shift to protectionism: impact on the euro area economy
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Monetary Dialogue preparatory meeting, 18 March 2025
Monetary dialogue - 4 December 2024
Preparatory meeting
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Preparatory meeting - 20 November 2024
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1. Quarterly assessment of the ECB's monetary policy stance
- Assessing the ECB’s monetary policy stance by comparing tightening cycles - Ignazio ANGELONI, Leibniz Institute for Financial Research SAFE and Institute for Economic Policymaking, Bocconi (PDF - 1005 KB)
- Quarterly assessment of the ECB’s monetary policy stance - Silvana TENREYRO, London School of Economics and Political Sciences (PDF - 1005 KB)
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2. The new economic governance framework: implications for monetary policy
- The new economic governance framework: Implications for monetary policy - Roel BEETSMA, University of Amsterdam (PDF - 757 KB)
- The new economic governance framework: Implications for monetary policy - Zsolt DARVAS, Bruegel and Corvinus University of Budapest,Pablo HERNANDEZ DE COS, Bruegel, Jeromin ZETTELMEYER, Bruegel and CEPR (PDF - 1 MB)
Monetary dialogue - 30 September 2024
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Transcript of the Monetary Dialogue EN (PDF - 313 KB) | FR (PDF - 390 KB) | DE (PDF - 464 KB)
- Monetary Dialogue in September 2024: Summary of parliamentary scrutiny activities
- Euro area monetary policy: Quarterly overview, September 2024
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Monetary dialogue preparatory meeting on 25 September 2024
- Link to the Monetary Dialogue Preparatory Meeting (webstreaming)
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1. Assessment of the ECB's monetary policy stance
- From Aggressive Rate Hikes to Gradual Easing: The ECB’s Evolving Monetary Policy Stance Amidst Persistent Services Price Pressures - Nils SONNENBERG, Kiel Institute for the World Economy (Kiel IfW) (PDF - 599 KB)
- The ECB’s Monetary Policy Stance in Perspective - Christophe BLOT, Jérôme CREEL, OFCE (PDF - 926 KB)
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2. How relevant is the Capital Markets Union for monetary policy?
- One Money, One Financial Market: The Capital Markets Union - Charles WYPLOSZ, The Graduate Institute, Geneva (PDF - 649 KB)
- The Capital Markets Union – an extra feather to the EMU: Are Capital Markets Important for Monetary Policy? - Atanas Pekanov, Austrian Institute of Economic Research (WIFO) (PDF - 647 KB)