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Country-specific recommendations: An overview - September 2020

22-09-2020

This note provides an overview of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how these recommendations evolved over time (2012-2020), including from the legal base perspective. Finally, it gives insights on the level of implementation of recommendations issued under the 2012-2019 European Semester cycles. The note is updated on a regular basis.

This note provides an overview of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how these recommendations evolved over time (2012-2020), including from the legal base perspective. Finally, it gives insights on the level of implementation of recommendations issued under the 2012-2019 European Semester cycles. The note is updated on a regular basis.

Developing a pandemic emergency purchase programme: Unconventional monetary policy to tackle the coronavirus crisis

18-09-2020

The Treaty on the Functioning of the European Union specifies the maintenance of price stability in the euro area as the primary objective of EU single monetary policy. Subject to that, it should also contribute to the achievement of the Union's objectives, which include 'full employment' and 'balanced economic growth'. Responsibility for the conduct of monetary policy is attributed to the Eurosystem, which carries out its tasks through a set of standard instruments referred to as the 'operational ...

The Treaty on the Functioning of the European Union specifies the maintenance of price stability in the euro area as the primary objective of EU single monetary policy. Subject to that, it should also contribute to the achievement of the Union's objectives, which include 'full employment' and 'balanced economic growth'. Responsibility for the conduct of monetary policy is attributed to the Eurosystem, which carries out its tasks through a set of standard instruments referred to as the 'operational framework'. To tackle the financial crisis, the Eurosystem has complemented its regular operations by implementing several non-standard monetary policy measures since 2009. The first strand of these measures had the primary objective of restoring the correct functioning of the monetary transmission mechanism by supporting certain distressed financial market segments, playing an important role in the conduct of monetary policy. A second strand of non-standard measures was aimed at sustaining prices and fostering economic growth by expanding the size of the Eurosystem balance sheet through massive purchases of eligible securities, including public debt instruments issued by euro-area countries. Net purchases were conducted between October 2014 and December 2018, after which the Eurosystem continued to simply reinvest repayments from maturing securities to maintain the size of cumulative net purchases at December 2018 levels. Due to prevailing conditions, however, in September 2019, the European Central Bank (ECB) Governing Council decided to recommence net purchases in November of the same year 'for as long as necessary to reinforce the accommodative impact of its policy rates'. The spread of the coronavirus in early 2020 has impaired growth prospects for the global and euro-area economies and made additional monetary stimulus necessary. In this context, the ECB has increased the size of existing asset purchase programmes, and launched a temporary, separate and additional pandemic emergency purchase programme (PEPP). This is an updated edition of a briefing published in April 2020.

The Urgent Need for a Review of the ECB's Monetary Policy Strategy: Towards an Institutional Review

15-11-2019

It has been sixteen years since the European Central Bank has undertaken a review of its monetary policy. In the intervening time, the world – and the economic challenges facing the ECB – have changed immensely. This paper argues that a review is overdue but that it should not be limited to policies; instead, an institutional review is needed. This would consist of a backward-looking assessment of outcomes versus mandates, coupled with a forward-looking scenario planning exercise. This document was ...

It has been sixteen years since the European Central Bank has undertaken a review of its monetary policy. In the intervening time, the world – and the economic challenges facing the ECB – have changed immensely. This paper argues that a review is overdue but that it should not be limited to policies; instead, an institutional review is needed. This would consist of a backward-looking assessment of outcomes versus mandates, coupled with a forward-looking scenario planning exercise. This document was provided by Policy Department A for the European Parliament's Committee on Economic and Monetary Affairs.

Autor extern

Christopher A. HARTWELL

Priorities for Review of the ECB’s Monetary Policy Strategy

15-11-2019

Lower neutral rates of interest have eroded the policy space necessary to fight recessions. Against this backdrop, several central banks are re-assessing how their strategy and tools can be refined to best achieve their goals. The ECB should be no exception. Its strategy review should focus on redefining the inflation objective and on developing contingency plans for using its statutory authority creatively to achieve its mandate. This document was provided by Policy Department A for the European ...

Lower neutral rates of interest have eroded the policy space necessary to fight recessions. Against this backdrop, several central banks are re-assessing how their strategy and tools can be refined to best achieve their goals. The ECB should be no exception. Its strategy review should focus on redefining the inflation objective and on developing contingency plans for using its statutory authority creatively to achieve its mandate. This document was provided by Policy Department A for the European Parliament's Committee on Economic and Monetary Affairs.

Autor extern

Jérémie COHEN-SETTON, Christopher G. COLLINS, Joseph E. GAGNON

Recommendations for the ECB’s Monetary Policy Strategy Review

15-11-2019

A review into monetary policy strategy, tools, and communications is underway at the Federal Reserve. The ECB’s new President has signalled support for a review of this sort for the Eurosystem. This paper considers five areas where a review of ECB monetary policy strategy could focus and makes recommendations in relation to each area. The five areas are price stability, the monetary pillar, liquidity provision, balance sheet risk and communications. Most importantly, it is recommended that the ECB ...

A review into monetary policy strategy, tools, and communications is underway at the Federal Reserve. The ECB’s new President has signalled support for a review of this sort for the Eurosystem. This paper considers five areas where a review of ECB monetary policy strategy could focus and makes recommendations in relation to each area. The five areas are price stability, the monetary pillar, liquidity provision, balance sheet risk and communications. Most importantly, it is recommended that the ECB adopt a 2 percent average inflation rate as its definition of price stability and remove the monetary pillar from its official monetary policy strategy. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Autor extern

Professor Karl WHELAN

Thoughts on a Review of the ECB’s Monetary Policy Strategy

15-11-2019

Time is ripe for a review of the ECB strategy: the economic context and the audience for communication have changed, and the tools for policy decisions and for analysing the environment have expanded. The definition of the inflation target, the two-pillar strategy and the use of “non-standard” policy measures need discussion. A change in the ECB mandate is also worth discussing for it would permit to evaluate the current strategy and mandate against an alternative. This document was provided by Policy ...

Time is ripe for a review of the ECB strategy: the economic context and the audience for communication have changed, and the tools for policy decisions and for analysing the environment have expanded. The definition of the inflation target, the two-pillar strategy and the use of “non-standard” policy measures need discussion. A change in the ECB mandate is also worth discussing for it would permit to evaluate the current strategy and mandate against an alternative. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Autor extern

Christophe BLOT, Jérôme CREEL and Paul HUBERT

The Two-pillar Strategy of the ECB: Ready for a Review

15-11-2019

Inflation has remained below the ECB’s own target of ‘below, but close to 2%’ for a long time despite massive doses of unconventional policies, suggesting that the present ‘two pillar’ strategy does not work. A review of the strategy will be useful only if it is entrusted to independent experts. Otherwise, it is likely to result in the finding that only marginal changes to the existing strategy are needed and that larger doses of the present policy will be sufficient to achieve the inflation target ...

Inflation has remained below the ECB’s own target of ‘below, but close to 2%’ for a long time despite massive doses of unconventional policies, suggesting that the present ‘two pillar’ strategy does not work. A review of the strategy will be useful only if it is entrusted to independent experts. Otherwise, it is likely to result in the finding that only marginal changes to the existing strategy are needed and that larger doses of the present policy will be sufficient to achieve the inflation target. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs (ECON) Committee.

Autor extern

Daniel GROS, Angela CAPOLONGO

Task Ahead: Review of the ECB's Monetary Policy Strategy

15-11-2019

The new ECB President, Ms Christine Lagarde, indicated in her appointment hearing in ECON on 4 September, that she would be open to a review of the ECB’s monetary policy strategy. The last review was carried out in 2003. ECON’s Monetary Expert Panel has produced 5 papers on this topic ahead of the Monetary Dialogue on 2 December. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

The new ECB President, Ms Christine Lagarde, indicated in her appointment hearing in ECON on 4 September, that she would be open to a review of the ECB’s monetary policy strategy. The last review was carried out in 2003. ECON’s Monetary Expert Panel has produced 5 papers on this topic ahead of the Monetary Dialogue on 2 December. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Autor extern

Christophe BLOT, Jérôme CREEL, Paul HUBERT, Daniel GROS, Angela CAPOLONGO, Jérémie COHEN-SETTON, Christopher G. COLLINS, Joseph E. GAGNON, Karl WHELAN, Christopher A. HARTWELL

Challenges ahead for the European Central Bank: Navigating in the Dark?

16-09-2019

Monetary policy must reinvent itself in the wake of the crisis. Reinvention is particularly important because the system is riddled with uncertainties and the scope for applying conventional and unconventional instruments is limited. The architecture of Economic and Monetary Union makes the challenge even greater, because alignment of preferences and policies only goes so far. The European Central Bank (ECB) will have to be clearer on what it can do, while remaining flexible in order to manage uncertainties ...

Monetary policy must reinvent itself in the wake of the crisis. Reinvention is particularly important because the system is riddled with uncertainties and the scope for applying conventional and unconventional instruments is limited. The architecture of Economic and Monetary Union makes the challenge even greater, because alignment of preferences and policies only goes so far. The European Central Bank (ECB) will have to be clearer on what it can do, while remaining flexible in order to manage uncertainties and unknowns. While the ECB’s main objective is price stability, it will also have to contribute to the identification of, and response to, financial imbalances, while preserving its independence.

Autor extern

Grégory CLAEYS, Maria DEMERTZIS and Francesco PAPADIA

Economic Dialogue with the European Commission on the European Semester Spring 2018 Package

27-06-2018

Vice-President Dombrovskis, Commissioner Moscovici and Commissioner Thyssen have been invited to an Economic Dialogue on the European Semester Spring 2018 package in line with the relevant EU law. This briefing note covers the 2018 CSRs proposed by the Commission, the implementation of CSRs over the period 2012-2017 and recent decisions related to the implementation of the Stability and Growth Pact and the Macro-economic Imbalance Procedure. It also includes elements related to the on-going work ...

Vice-President Dombrovskis, Commissioner Moscovici and Commissioner Thyssen have been invited to an Economic Dialogue on the European Semester Spring 2018 package in line with the relevant EU law. This briefing note covers the 2018 CSRs proposed by the Commission, the implementation of CSRs over the period 2012-2017 and recent decisions related to the implementation of the Stability and Growth Pact and the Macro-economic Imbalance Procedure. It also includes elements related to the on-going work to strengthen the governance and the resilience of the Economic and Monetary Union.

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