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The ECB's Quantitative Easing: Early results and possible risks

08-12-2015

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 launched earlier by the United States Federal Reserve System, the Bank of England and the Bank of Japan. Researchers have published extensively on issues relating to the programme. On one ...

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 launched earlier by the United States Federal Reserve System, the Bank of England and the Bank of Japan. Researchers have published extensively on issues relating to the programme. On one hand, empirical evidence from previous QE programmes (in the United States, the United Kingdom and Japan), shows that contrary to 'textbook' theory, the ECB's Public Sector Purchase Programme is expected to have negligible direct effect on the economy, contributing more through indirect effects. On the other hand, most researchers agree that the many concerns raised – e.g. there would be insufficient liquidity in the markets for the programme to have an impact; side effects would increase risks to financial stability or worsen income inequality; or that the risk-sharing arrangements could exert pressures on euro area solidarity in the event that a Member State declared bankruptcy − have not so far materialised. And, should they eventually come about, they would neither present significant risks to the euro area economy (in terms of direct losses or financial stability), nor create tensions between Member States, or between different population classes within a Member State. However, unwinding the current programme may present significant risks, so to avoid or at least mitigate them, careful planning of the timing and speed of the exit, complementing it with micro and macro-prudential supervision, as well as fiscal policy measures are all important. This briefing updates an earlier edition from the time of the ECB announcement.

Monetary Dialogue December 2009

02-12-2009

The second Monetary Dialogue of the 7th Parliament is scheduled to take place on 7 December 2009 in Brussels. This compilation of briefing papers is written by members of the Monetary Experts Panel of ECON advising the Committee on monetary policy questions. It includes ten contributions in two topic areas, 1) Monetary Exit Strategies from the Financial Crisis and 2) Defining and Measuring Systemic Risk, as well as a summary of all papers.

The second Monetary Dialogue of the 7th Parliament is scheduled to take place on 7 December 2009 in Brussels. This compilation of briefing papers is written by members of the Monetary Experts Panel of ECON advising the Committee on monetary policy questions. It includes ten contributions in two topic areas, 1) Monetary Exit Strategies from the Financial Crisis and 2) Defining and Measuring Systemic Risk, as well as a summary of all papers.

Autor externo

Ansgar Belke (DIW Berlin and University of Duisburg-Essen), Guillermo de la Dehesa (Chairman of the CEPR and the OBCE), Stefan Collignon (S. Anna School of Advanced Studies, Pisa), Juergen von Hagen (Bruegel and University of Bonn), Sylvester Eijffinger (CentER and European Banking Center, Tilburg University), Stefan Gerlach (University of Frankfurt), Anne Sibert (Birbeck College, University of London), Karl Whelan (University College Dublin) and Charles Wyplosz (Institute of Graduate Studies, Geneva) ; summary drafted by Markus KUGER (European Parliament, DG IPOL)

Socios