6

rezultat(a)

Riječ(i)
Vrsta publikacije
Područje politike
Autor
Ključna riječ
Datum

EMU Reform and the New Normal for Monetary Policy: Challenges and Perspectives

29-11-2018

This paper assesses the scope for monetary policy in the euro area as it returns to normal financial conditions without support from easy money but with a financial stability objective (whether legislated or not). We find that both financial stability and traditional monetary objectives can be achieved without one limiting the achievement of the other because, in the new normal, the ECB can use new policy tools derived from the regulatory metrics required under the post-crisis macro-prudential framework ...

This paper assesses the scope for monetary policy in the euro area as it returns to normal financial conditions without support from easy money but with a financial stability objective (whether legislated or not). We find that both financial stability and traditional monetary objectives can be achieved without one limiting the achievement of the other because, in the new normal, the ECB can use new policy tools derived from the regulatory metrics required under the post-crisis macro-prudential framework. Whether they offer large improvements depends on how a clear mandate for financial stability is defined and whether coordination with traditional monetary or fiscal policies is needed. Risks to monetary policy in the new normal are mainly external and depend on the transmission of monetary policies not aligned with ECB policies. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

Vanjski autor

Andrew HUGHES HALLETT

Post-crisis Excess Liquidity and Bank Lending

14-09-2018

With the Asset Purchase Program, the European Central Bank has supplied significant amounts of liquidity into the financial system starting from 2015, resulting yet into a new upswing in excess liquidity. The expanded asset purchase programme (APP) program broadly coincided with further cuts in the ECB’s deposit facility rate, which currently stands at -0.4%. Against this background, this note assesses the ECB policy of negative rate on the deposit facility and discusses the associated risks in the ...

With the Asset Purchase Program, the European Central Bank has supplied significant amounts of liquidity into the financial system starting from 2015, resulting yet into a new upswing in excess liquidity. The expanded asset purchase programme (APP) program broadly coincided with further cuts in the ECB’s deposit facility rate, which currently stands at -0.4%. Against this background, this note assesses the ECB policy of negative rate on the deposit facility and discusses the associated risks in the context of an excess liquidity overhang for the euro area, including risk-appetite for banks. This document was requested by the European Parliament's Committee on Economic and Monetary Affairs.

Vanjski autor

Corrado MACCHIARELLI

ECB non-standard monetary measures, collateral constraints and potential risks for monetary policy

31-07-2018

For the Monetary Dialogue of 9 July 2018, the Committee on Economic and Monetary Affairs (ECON) asked monetary experts to analyse the risks and collateral constrains related to the ECB non-standard monetary measures. This note, provided by Policy department A, lists the in-depth analyses prepared by the experts.

For the Monetary Dialogue of 9 July 2018, the Committee on Economic and Monetary Affairs (ECON) asked monetary experts to analyse the risks and collateral constrains related to the ECB non-standard monetary measures. This note, provided by Policy department A, lists the in-depth analyses prepared by the experts.

The single monetary policy and its decentralised implementation: An assessment

15-09-2017

While the Eurosystem has considerably improved its operational transparency in the last few years, it is still lagging the Federal Reserve System (Fed), especially in terms of the information it provides on operating costs and staff numbers, for which it provides very scarce data. In addition, the available information is scattered throughout different publications, rather than being presented in a user-friendly fashion. Compared to the Fed, the Eurosystem seems to have higher staff numbers and operational ...

While the Eurosystem has considerably improved its operational transparency in the last few years, it is still lagging the Federal Reserve System (Fed), especially in terms of the information it provides on operating costs and staff numbers, for which it provides very scarce data. In addition, the available information is scattered throughout different publications, rather than being presented in a user-friendly fashion. Compared to the Fed, the Eurosystem seems to have higher staff numbers and operational costs for similar tasks. Also because of the Treaty requirement to implement monetary policy in a decentralised way, the Eurosystem’s implementation of monetary policy is fairly complex.

Vanjski autor

Francesco PAPADIA, Alexander ROTH (Bruegel)

The single monetary policy and its decentralised implementation: An assessment

15-09-2017

The statutes of the European Central Bank (ECB) stipulate that it should have recourse to national central banks (NCBs) to carry out monetary policy operations. Such a structure would not be a problem if these operations were all identical across member states and if the resulting profits and losses were shared. But this is not the case today. In this sense, the euro area no longer has a ‘single’ monetary policy. There is little one can do about this situation, except to wait until the government ...

The statutes of the European Central Bank (ECB) stipulate that it should have recourse to national central banks (NCBs) to carry out monetary policy operations. Such a structure would not be a problem if these operations were all identical across member states and if the resulting profits and losses were shared. But this is not the case today. In this sense, the euro area no longer has a ‘single’ monetary policy. There is little one can do about this situation, except to wait until the government purchase programme ends and is then reversed. However, two steps could be undertaken already now: i) the granting of emergency liquidity assistance should be shifted to the ECB, and ii) the NCBs should be forbidden to undertake any financial operation that is not a direct consequence of their execution of the ECB’s monetary policy decisions. The existing stocks of assets (and liabilities), the so-called ANFA (Agreement on Net Financial Assets) holdings, which are not related to monetary policy, should be transferred to either national finance ministries or national special purpose vehicles.

Vanjski autor

Daniel GROS (CEPS)

Limits in Terms of Eligible Collateral and Policy Risks of an Extension of the ECB’s Quantitative Easing Programme

15-02-2016

At the press conference following the ECB Governing Council meeting of 3 December 2015, the President of the ECB Mario Draghi reiterated the readiness of the ECB to adopt, if necessary, additional measures - in terms of size, composition and duration of the of the asset purchase programme EAPP - in order to maintain an appropriate degree of monetary accommodation. This may renew criticism to the ECB for not complying with its mandate and its quasi-fiscal role. The notes included in this compilation ...

At the press conference following the ECB Governing Council meeting of 3 December 2015, the President of the ECB Mario Draghi reiterated the readiness of the ECB to adopt, if necessary, additional measures - in terms of size, composition and duration of the of the asset purchase programme EAPP - in order to maintain an appropriate degree of monetary accommodation. This may renew criticism to the ECB for not complying with its mandate and its quasi-fiscal role. The notes included in this compilation requested by the Committee on Economic and Monetary Affairs (ECON) for the February 2016 Monetary Dialogue discusses the range of policy instruments potentially available to the ECB to enhance the effectiveness of the EAPP programme, assess the potential limits of a further expansion of asset purchases and investigate key credibility issues eventually faced by the ECB.

Vanjski autor

Daniel GROS (CEPS) ; Jens BOYSEN-HOGREFE, Salomon FIEDLER, Nils JANNSEN, Stefan KOOTHS and Stefan REITZ (Kiel Institute for the World Economy) ; Eddie GERBA and Corrado MACCHIARELLI (London School of Economics) ; Grégory CLAEYS and Álvaro LEANDRO FERNÁNDEZ-GIL (Bruegel) ; Christophe BLOT, Jérôme CREEL and Paul HUBERT (OFCE)

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