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Alignment of monetary and fiscal policies has proven to be decisive for the euro area's ability to withstand successive crises over the years. Today, the European Central Bank (ECB) continues its fight against inflation by implementing a monetary policy tightening unprecedented in pace and scale. At the same time, after allowing for some deviations from regular budgetary rules with the activation of the general escape clause in 2020, the EU is set to reapply its fiscal rules fully from 2024. In addition ...

Euro area monetary policy: Quarterly overview, September 2023

Задълбочен анализ 22-09-2023

This briefing paper was prepared ahead of the Monetary Dialogue between the Committee on Economic and Monetary Affairs (ECON) and the European Central Bank (ECB) President on Monday, 25 September. It provides a summary of key monetary policy developments and decisions taken by the ECB’s Governing Council.

Euro area monetary policy: quarterly overview, June 2023

Задълбочен анализ 02-06-2023

This briefing paper was prepared ahead of the Monetary Dialogue between the Committee on Economic and Monetary Affairs (ECON) and the European Central Bank (ECB) President on Monday, 5 June. It provides a summary of key monetary policy developments and decisions taken by the ECB’s Governing Council.

This briefing provides a summary of all scrutiny activities of the European Parliament related to euro area monetary policy in the period between the November 2022 and March 2023 , along with a recap of the key monetary policy decisions taken by the European Central Bank’s (ECB’s) Governing Council in that period. These kind of summaries are published regularly after each Monetary Dialogue (MD) with the ECB.

This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 26 September 2022.

Green central banking

Briefing 30-08-2022

Central banks are important actors in the transition towards net zero for three reasons. First, they can manage risks to the financial system and the economy as a whole that arise because of climate change. Second, central banks have themselves become market actors and can help to channel funds into sustainable investments in order to finance the green transformation. Third, they share their expertise to encourage behavioural changes. Measures undertaken by central banks to address these issues are ...

The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

On 26 July 2012, then ECB President Mario Draghi gave the so-called “whatever it takes” speech, today widely considered as the turnaround point in the European sovereign debt crisis. Shortly after, the European Central Bank (ECB) announced the details of its outright monetary transactions programme (OMT) tool. The speech, together with the OMT announcement, were enough to remove re-denomination risk from sovereign bond markets. OMT was never actually used. 10 years after, in a context of record-high ...

With growing complexity of monetary policy following the global financial crisis, communication gradually became mission-critical for central banks in order to preserve legitimacy and credibility. The public, legislators and financial market participants each require a different type and channel of communication. Looking forward, the aftermath of the COVID-19 crisis will bring considerable challenges for the European Central Bank (ECB)’s communication and accountability in the context of the complex ...

Inflation expectations: quo vadis?

Задълбочен анализ 31-01-2022

Against the backdrop of the recent surge in inflation, we discuss available measures of inflation expectations and implications for monetary policy in the euro area. While long-term expectations are currently still in line with the ECB’s inflation target, the risk of a further rise increases should actual inflation remain high for an extended period of time. If expectations de-anchor the ECB may face difficult trade-offs. This paper was provided by the Policy Department for Economic, Scientific ...