Monetary-Fiscal Interactions in the Euro Area: Assessing the Risks
The global pandemic is deepening the linkages between fiscal and monetary policies. While some are concerned that high public debt may pressurise the ECB to pursue overly loose monetary policy, this paper argues there is a greater risk that the Treaty’s rules on monetary financing will constrain the ECB from reacting appropriately to the crisis and that re-imposing the EU’s fiscal rules from 2022 onwards could harm economic recovery. This paper calls for an overhaul of the economic rules in the Treaty. This document 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 19 November 2020.
Análisis en profundidad
Autor externo
Karl Whelan
Acerca de este documento
Tipo de publicación
Ámbito político
Palabra clave
- ASUNTOS FINANCIEROS
- ASUNTOS SOCIALES
- Banco Central Europeo
- Comisión PE
- deuda pública
- documentación
- ECONOMÍA
- economía monetaria
- EDUCACIÓN Y COMUNICACIÓN
- enfermedad por coronavirus
- epidemia
- Eurogrupo (zona euro)
- fiscalidad
- hacienda pública y política presupuestaria
- informe de investigación
- instituciones de la Unión Europea y función pública europea
- instituciones financieras y de crédito
- interés
- política fiscal
- política monetaria única
- recuperación económica
- relaciones monetarias
- sanidad
- situación económica
- UNIÓN EUROPEA