Blog post
12 December 2017
The stock of liquidity supplied through the ECB’s open market operations has remained relatively stable, though there is a clearer change in the count
Policy brief
23 November 2017
During the crisis, the ECB resorted to a number of unconventional monetary tools. This paper discusses how to phase out these policies and what the ‘n
External publication
17 November 2017
Europe’s banking union has been central to the resolution of the euro-area crisis. It has had an encouraging start but remains unfinished business. If
Blog post
15 November 2017
The ECB’s recent decision on QE was somewhat on the dovish side. Francesco Papadia gives his view on why it is time to start a discussion about reduci
Blog post
13 November 2017
The introduction in 2018 of forward-looking provisioning for credit losses in EU banks delivers on a key objective in the post-crisis regulatory agend
Blog post
06 November 2017
The Eurosystem gets a lot of attention from academics and the media, but they largely focus on its statutory objective of maintaining price stability.
Blog post
25 October 2017
This blog post looks at how the approach of the ECB to inflation has changed over the years. It shows the ECB has moved, over the years, from a small
Blog post
10 October 2017
Since the European Central Bank’s announcement in January 2015 of its quantitative easing programme, national central banks have been buying governmen
External publication
04 October 2017
This paper assesses the decentralised implementation of monetary policy by the Eurosystem in terms of its transparency, efficiency and simplicity. Com
Event
02 October 2017
The 5th Bruegel - Graduate School of Economics, Kobe University conference will focus on monetary policy.
Policy brief
28 September 2017
The sequence of crisis and policy responses after mid-2007 was a gradual recognition of the unsustainability of the euro-area policy framework. The ba
Opinion piece
27 September 2017
In a piece signed by 15 leading French and German economists, Nicolas Véron lays out a path to a more sustainable Euro. Germany will need to accept so
Blog post
24 July 2017
What’s at stake: the literature on monetary policy spillovers is abundant of studies investigating the impact of the US Federal Reserve’s monetary pol
Blog post
10 July 2017
What’s at stake: the term “forward guidance” is used in economic jargon to describe central bank communications about the likely future path of policy
Blog post
22 June 2017
In an unexpected move, the Federal Reserve Chair Janet Yellen has recently brought up the issue of raising the inflation target. This blog argues that
Event
19 June 2017
On 19th June, we are hosting an invitation-only workshop on sovereign exposure limits.