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Policy Departments’ Monthly Highlights - November 2021

17-11-2021

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.

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.

The ECB's New Definition of Price Stability: Better but Short of Specifics

03-11-2021

The new definition of price stability is a step in the right direction, even though the ECB could have gone further toward the Fed's average inflation targeting. This definition can become most helpful as the central bank navigates new uncertainties. Yet, the review does not deal with some daunting challenges that are already visible. It will need more than a few principles about price stability to deal with such issues as high and rising public debts, financial stability, or climate change. This ...

The new definition of price stability is a step in the right direction, even though the ECB could have gone further toward the Fed's average inflation targeting. This definition can become most helpful as the central bank navigates new uncertainties. Yet, the review does not deal with some daunting challenges that are already visible. It will need more than a few principles about price stability to deal with such issues as high and rising public debts, financial stability, or climate change. 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 15 November 2021.

Külső szerző

Charles WYPLOSZ

The Implementation and Rationale of the ECB's New Inflation Target

03-11-2021

In July 2021, the ECB's target was revised, specifying that the 2 % inflation rate threshold should be applied symmetrically and with a medium-term orientation. We argue that a symmetric inflation target can significantly contribute to anchoring inflation expectations and to limiting the risks due to the zero- and/or effective-lower bound constraints. The monetary policy strategy revision will play a key role in the policy mix between fiscal and monetary policies for the post-pandemic recovery. ...

In July 2021, the ECB's target was revised, specifying that the 2 % inflation rate threshold should be applied symmetrically and with a medium-term orientation. We argue that a symmetric inflation target can significantly contribute to anchoring inflation expectations and to limiting the risks due to the zero- and/or effective-lower bound constraints. The monetary policy strategy revision will play a key role in the policy mix between fiscal and monetary policies for the post-pandemic recovery. 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 15 November 2021.

Külső szerző

Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO and Marcello MESSORI

A Welcome Revision Rather Than a Revolution

03-11-2021

This contribution is a preliminary analysis of the effect of the ECB's new strategy, notably the revised inflation target, on inflation expectations. We show that the announcement of the new strategy, although necessary for several reasons, had a minor effect on inflation expectations. This reveals that the reform was either already partially anticipated by the market or too timid. Therefore, we present alternative outcomes of the strategy review. This paper was provided by the Policy Department ...

This contribution is a preliminary analysis of the effect of the ECB's new strategy, notably the revised inflation target, on inflation expectations. We show that the announcement of the new strategy, although necessary for several reasons, had a minor effect on inflation expectations. This reveals that the reform was either already partially anticipated by the market or too timid. Therefore, we present alternative outcomes of the strategy review. 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 15 November 2021.

Külső szerző

Christophe BLOT, Caroline BOZOU and Jérôme CREEL

The New Euro Area Inflation Indicator and Target: The Right Reset?

03-11-2021

This paper clarifies the main features of the European Central Bank's revised inflation target in light of international practices, discusses the role of financial stability in the medium-term orientation of monetary policy decisions, and quantifies the possible impacts of the inclusion of the costs related to owner-occupied housing on the inflation indicator which is subject to the inflation target. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life ...

This paper clarifies the main features of the European Central Bank's revised inflation target in light of international practices, discusses the role of financial stability in the medium-term orientation of monetary policy decisions, and quantifies the possible impacts of the inclusion of the costs related to owner-occupied housing on the inflation indicator which is subject to the inflation target. 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 15 November 2021.

Külső szerző

Zsolt DARVAS and Catarina MARTINS

The ECB's Revised Inflation Target

03-11-2021

In July 2021, the European Central Bank (ECB)’s Governing Council concluded the review of its monetary policy strategy. One of the main outcomes of the review was the revised price stability target. The ECB is now committed to “an inflation rate of 2% over the medium term”. The new target is symmetric, which means that negative and positive deviations from the target are considered as equally undesirable. Four papers were prepared by the ECON Committee’s Monetary Expert Panel, explaining the main ...

In July 2021, the European Central Bank (ECB)’s Governing Council concluded the review of its monetary policy strategy. One of the main outcomes of the review was the revised price stability target. The ECB is now committed to “an inflation rate of 2% over the medium term”. The new target is symmetric, which means that negative and positive deviations from the target are considered as equally undesirable. Four papers were prepared by the ECON Committee’s Monetary Expert Panel, explaining the main features and implications of the ECB’s revised inflation target. This publication is provided by Policy Department A for the Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President Lagarde on 15 November 2021.

Külső szerző

Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO, Marcello MESSORI, Zsolt DARVAS, Catarina MARTINS, Charles WYPLOSZ, Christophe BLOT, Caroline BOZOU, Jérôme CREEL

European Banks’ Response to COVID-19 “Quick Fix” Regulation and Other Measures

31-10-2021

The original full study presents data from 27 banking groups in 10 EU Member States, where it is found that banks have used COVID-19 relief measures extensively, with some cross-country differences as for the intensity of use. Flexibility in risk classification does not seem to have impaired banks’ ability to report and recognise risk properly, even for loans under moratoria. The findings suggest that the impact of the measures on banks’ credit supply has been overall positive and mainly driven ...

The original full study presents data from 27 banking groups in 10 EU Member States, where it is found that banks have used COVID-19 relief measures extensively, with some cross-country differences as for the intensity of use. Flexibility in risk classification does not seem to have impaired banks’ ability to report and recognise risk properly, even for loans under moratoria. The findings suggest that the impact of the measures on banks’ credit supply has been overall positive and mainly driven by capital-enhancing measures such as the “Quick fix”.

Külső szerző

Brunella BRUNO, Filippo DE MARCO

PRIIPs: Revised DA/RTS on improved disclosure rules for retail investment products

22-10-2021

This briefing has been prepared to support ECON’s work on scrutiny of the Delegated Regulation amending the RTS laid down in Commission Delegated Regulation (EU) 2017/653 on Key Information Documents (KIDs) as foreseen by Regulation (EU) No 1286/2014 on Packaged Retail and Insurance-based Investment Products (PRIIPs Regulation) . The Delegated Regulation was adopted by the Commission on 7 September 2021 together with two quick fix amendments of the PRIIPs Regulation and the Directive 2009/65/EC on ...

This briefing has been prepared to support ECON’s work on scrutiny of the Delegated Regulation amending the RTS laid down in Commission Delegated Regulation (EU) 2017/653 on Key Information Documents (KIDs) as foreseen by Regulation (EU) No 1286/2014 on Packaged Retail and Insurance-based Investment Products (PRIIPs Regulation) . The Delegated Regulation was adopted by the Commission on 7 September 2021 together with two quick fix amendments of the PRIIPs Regulation and the Directive 2009/65/EC on Undertakings for Collective Investments in Transferable Securities (UCITS Directive).

Impediments to resolvability – what is the status quo?

18-10-2021

To efficiently resolve a bank that is failing or likely to fail, and for which resolution is deemed in the public interest, it is important that impediments that hamper its resolvability are removed. Noting the limited public disclosure of banks and the Single Resolution Board (SRB), this paper assesses improvements in resolvability of a sample of 72 eurozone banks based on some key indicators. The main findings suggest that resolvability has marginally improved since the SRB resumed its full legal ...

To efficiently resolve a bank that is failing or likely to fail, and for which resolution is deemed in the public interest, it is important that impediments that hamper its resolvability are removed. Noting the limited public disclosure of banks and the Single Resolution Board (SRB), this paper assesses improvements in resolvability of a sample of 72 eurozone banks based on some key indicators. The main findings suggest that resolvability has marginally improved since the SRB resumed its full legal mandate in 2016, which is in line with earlier statements of the SRB characterising the process to make banks resolvable as a ‘marathon’.

Külső szerző

M. Bodellini, W.P. De Groen

Country Specific Recommendations and Recovery and Resilience Plans - Thematic overview on tax avoidance, money laundering and corruption issues

18-10-2021

This paper outlines how 2019 and 2020 Country Specific Recommendations covering the fight against corruption, aggressive tax planning, tax evasion or tax avoidance or ineffective anti-money laundering measures are being addressed in national Recovery and Resilience Plans, based on Commission’s assessments. The paper will be updated once new relevant information is available.

This paper outlines how 2019 and 2020 Country Specific Recommendations covering the fight against corruption, aggressive tax planning, tax evasion or tax avoidance or ineffective anti-money laundering measures are being addressed in national Recovery and Resilience Plans, based on Commission’s assessments. The paper will be updated once new relevant information is available.

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