Director’s Cut: ECB monetary policy decisions deconstructed
In this Director’s Cut, Bruegel’s Grégory Claeys and Maria Demertzis take a deeper look at whether the monetary policy decisions made by the ECB over the past three presidential eras arrived by consensus, by unanimity or by majority votes of the governing council.
The next president of the ECB, much like his predecessors, will have the difficult task of dealing with the balance between speaking with one voice and making timely, optimal decisions for the euro area as a whole.
In this episode of ‘The Sound of Economics’, Bruegel deputy director Maria Demertzis speaks with Bruegel research fellow Grégory Claeys about the evolution of decision-making of the previous three governors and the differences in the effects of interest rates.
Grégory Claeys and Tanja Linta have published a blog post creating a database to look back and examine precisely how decisions have been taken since the ECB was created.