Past Event

The Bank of England in Europe: Does EU membership constrain non-Euro central banks?

The ECB and its response to crises in the euro area have been in the spotlight recently. But how does EU membership affect the central banks of non-Euro member states? This question is especially pertinent in the UK, whose relationship with the EU is at a vital crossroads.

Date: January 22, 2016, 12:30 pm Topic: European Macroeconomics & Governance

The Bank of England (BoE) has a dual mandate to protect price and financial stability. A recent BoE report assessed the impact of Britain’s EU membership on the Bank’s ability to deliver on this mandate. The conclusion was that the Single Market makes the UK more dynamic and competitive, and that inflation is thus easier to control. The report also found little evidence that EU membership prevents the BoE effectively using monetary policy instruments to manage medium-term UK inflation.

However, increased openness and financial integration make the UK more vulnerable to financial contagion and shocks. Much financial regulation is decided at EU level, and policymakers have understandably focused a great deal on the stability of the euro area. Care must be taken not to ignore the particular needs of the UK, which sits outside the euro area but also houses the EU’s largest financial centre, London.

We were delighted to welcome Jon Cunliffe, Deputy Governor for Financial Stability at the Bank of England, who presented the Bank’s report. This was followed by a discussion of the findings with Sheri Markose, University of Essex, and Matt Holmes, Deutsche Bank.

EVENT MATERIALS

Schedule

Jan 22, 2016

12.30 - 13.00

Check-in and Lunch

13.00 - 13.25

Presentation

Jon Cunliffe, Deputy Governor, Bank of England

13.25 - 14.00

Discussion

Chair: Guntram B. Wolff, Director

Matt Holmes, Managing Director Government and Regulatory Affairs, Deutsche Bank

Sheri Markose, Professor of Economics, University of Essex

14.00 - 14.30

Audience Q+A

Speakers

Jon Cunliffe

Deputy Governor, Bank of England

Matt Holmes

Managing Director Government and Regulatory Affairs, Deutsche Bank

Sheri Markose

Professor of Economics, University of Essex

Guntram B. Wolff

Director

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevón

[email protected] +32 2 227 4212

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Past Event

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The EU’s Opportunity to Turn Its Markets Toward the Future

Meeting the fiscal demands of COVID-19 will require the European Union to borrow on capital markets more than ever, and for European pension funds and households to look more widely for ways to build their nest eggs safely. The EU should take the challenges of the pandemic and Brexit as a chance to get its financial infrastructure house in order.

By: Rebecca Christie Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: July 16, 2020
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The euro never challenged the US dollar, and its international status declined with the euro crisis. Faced with a US administration willing to use its hegemonic currency to extend its domestic policies beyond its borders, Europe is reflecting on how to promote it currency on the global stage to ensure its autonomy. But promoting a more prominent role for the euro is difficult and involves far-reaching changes to the fabric of the monetary union.

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The ruling of the German Federal Constitutional Court (GFCC) of May 5 on the ECB’s monetary policy affects not only the relation of Germany to the European Central Bank (ECB) and the Court of Justice of the European Union (ECJ) but also the constitutional foundations of monetary policy.

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By: Rebecca Christie Topic: European Macroeconomics & Governance Date: May 19, 2020
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