Monetary Policy During the Pandemic: Fit for Purpose?
This contribution reviews the ECB measures since the start of the COVID-19 crisis, i.e. the extension of APP and the introduction of PEPP. We show that APP announcements have helped steer inflation expectations upward. We also show that PEPP has alleviated fragmentation risk. Finally, we show that since the mid-2000s, ECB measures have had real effects on euro area unemployment rates, nominal effects on inflation rates and financial effects on banking stability. 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 18 March 2021.
Analiză aprofundată
Autor extern
Christophe BLOT, Caroline BOZOU, Jérôme CREEL
Despre acest document
Tipul publicației
Domeniul tematic
Cuvânt-cheie
- analiză economică
- Banca Centrală Europeană
- bancă centrală
- boala provocată de coronavirus
- consecințe economice
- criză monetară
- ECONOMIE
- economie monetară
- epidemie
- FINANŢE
- inflație
- Instituțiile Uniunii Europene și funcția publică europeană
- libera circulaţie a capitalului
- macroeconomie
- politică monetară unică
- PROBLEME SOCIALE
- relaţii monetare
- risc financiar
- situație economică
- stabilitate financiară
- sănătate
- UNIUNEA EUROPEANĂ
- zonă euro