Navigating through unconventional times: the ECB’s non-standard monetary policy measures

The presentation will analyse the ECB’s non-standard monetary policy measures against the background of the institutional framework and financial structure of the euro area. It will also draw comparisons with the US Federal Reserve. A flow-of-funds analysis will interpret the central banks’ crisis response as their capacity to take on leverage when other sectors are under pressure to deleverage. Important redistributive effects are illustrated by imbalances in the systems of TARGET (euro area) and ISA (US), respectively. The presentation is based on two recent papers on these subjects.

This event will be held under the Chatham House Rule

Speakers

• Philippine Cour-Thimann, Principal Economist, Directorate of Monetary Policy at the ECB
• David Claydon, Macro Advisory Partners
• Chair: Silvia Merler, Affiliate Fellow at Bruegel

Materials

The ECB’s non-standard monetary policy measures: the role of institutional factors and financial structure by Philippine Cour-Thimann and Bernhard Winkler

Target Balances and the Crisis in the Euro Area by Philippine Cour-Thimann

Practical details

Venue: Bruegel, Rue de la Charité 33, 1210 Brussels
Time: Thursday 21 November 2013, 12:45 - 14:30 (A light lunch will be served before the event)
Contact:Matilda Sevón, Events Coordinator - matilda.sevon[at]bruegel.org