Podcast

Director’s Cut: Priorities for the new ECB president

In this Director's Cut of 'The Sound of Economics', Guntram Wolff talks to two of the authors of Bruegel's memo to the new ECB president, Maria Demertzis and Grégory Claeys, to specify the most important issues at the beginning of this eight-year cycle and to clarify the parameters within which the new incumbent will have to work.

By: Date: July 4, 2019 Topic: Macroeconomic policy

A difficult proposition faces the new ECB president – monetary union remains incomplete, the bank lacks room to manoeuvre in applying new tools, and it is not yet clear what constitutes the new economic ‘normal’.

In this episode of ‘The Sound of Economics’ Bruegel director Guntram Wolff addresses deputy director Maria Demertzis and research fellow Grégory Claeys, who together with senior fellow Francesco Papadia have written a memo to the incoming ECB president.

In their note, the authors state that the ECB needs to begin this eight-year term by reviewing monetary policy framework to account for the increasingly uncertain environment in which it will have to operate. In that vein, the incoming president will have to be prepared to emulate previous actions, providing certainty when it cannot be found elsewhere.

In addition, the authors propose methods by which the ECB can bolster the euro-area architecture while continuing to fulfil its role in promoting financial stability.

For further reading on this topic, we recommend a recent blog post by Grégory Claeys and Tanja Linta on the evolution of the ECB governing council’s monetary-policy decision-making process.

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Opinion

European governance

The euro comes of age

A well-functioning euro reflects a degree of unity that allows the EU to credibly claim a position at the global table and therefore help shape the policies that will deal with global problems. That is a decisive success.

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The European economy in 2022

What are the economic priorities for the new year?

By: The Sound of Economics Topic: European governance, Macroeconomic policy Date: January 5, 2022
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Opinion

European governance

The Euro at 20

The euro’s advocates hoped that the single currency would deliver economic and financial integration, policy convergence, political amalgamation, and global influence. While these predictions were often wide of the mark, the euro has arguably proven to be a wise investment.

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European governance

Policy coordination failures in the euro area: not just an outcome, but by design

Discussions on the fiscal framework should aim to correct its procyclical nature with a view to promoting more cooperative outcomes.

By: Maria Demertzis and Nicola Viegi Topic: European governance, Macroeconomic policy Date: December 20, 2021
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How has globalisation and connectivity caused fragmentation and conflict on a global scale?

By: The Sound of Economics Topic: European governance, Global economy and trade Date: December 15, 2021
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Opinion

Inflation ideology: camp permanent or camp temporary?

Policy focus should be on tackling uncertainties by being able to tackle as many scenarios as possible.

By: Maria Demertzis Topic: Macroeconomic policy Date: December 9, 2021
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What to watch in 2022: China's economic outlook

Our end of 2021 recap of China’s economic activities.

By: The Sound of Economics Topic: Global economy and trade Date: December 8, 2021
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By: The Sound of Economics Topic: Global economy and trade Date: December 1, 2021
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What happened and what didn’t happen at COP26?

By: The Sound of Economics Topic: Green economy Date: November 25, 2021
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Technology: a product of unequal power?

The effects of digital technology on work and wages.

By: The Sound of Economics Topic: Digital economy and innovation, Inclusive growth Date: November 24, 2021
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