European central bank

European Central Bank quantitative easing: the detailed manual

This Policy Contribution examines the detail of how quantitative easing will actually take place in the euro area and its implications, following

Euro-area governance: what to reform and how to do it

This Policy Brief argues that the Euro-area governance needs to move beyond the improvements brought about by banking union and should establish

ECB collateral damages on Greece

The European Central Bank’s Governing Council lifted the waiver of minimum credit rating requirements for greek government bonds which, until yesterda

The ECB’s bond-purchase dilemma

German opposition to government-bond purchases by the European Central Bank is solidifying ahead of the programme’s likely announcement on January 22.

Backward guidance, Chinese style

Since early 2014, the People’s Bank of China (PBC), the Chinese central bank, has deployed multiple policy tools to loosen its monetary policy st

30% of the Euro Area HICP basket is now in outright deflation

A look at the composition of the HICP basket for the euro area shows that the percentage of items that are now in outright deflation has risen to 30%

How I learned to stop worrying about TARGET2 and love the ECB

There always comes a time we have to face our past. For economists, it often happens when updating data long left sitting in a remote corner of o

The German Court does Europe a favour

The German Constitutional Court has been widely criticized for questioning the legality of the European Central Bank’s OMT program. To supporters

Fact of the week: Lithuania changes the ECB’s voting system

Lithuania will become the 19th member of the Euro area on the 1st of January, following Wednesday’s Council endorsement. The most important part of th

The (not so) Unconventional Monetary Policy of the European Central Bank since 2008

This paper was prepared for the European Parliament's Montary Dialogue with the President of the European Central Bank Mario Draghi. Today, the ECB i

ECB shows activism but falls short of true QE

Overall, we welcome that the ECB has finally acted with a broad package. We also think that unanimity on the package was a very positive development a

Addressing weak inflation: The European Central Bank's shopping list

Euro-area inflation has been below 1 percent since October 2013, and medium-term inflation expectations are well below 2 percent. Forecasts of the ret

European Central Bank accountability: how the monetary dialogue could be improved

This Policy Brief was prepared for the European Parliament's Monetary Dialogue with the President of the European Central Bank Mario Draghi. The autho

Ending uncertainty: recapitalisation under European Central Bank supervision

This Policy contribution was prepared for the ECON committee of the European Parliament. Estimates of the recapitalisation needs of the euro-area bank

The ECB's rate cut is a surprising, but good move

The European Central Bank in the age of banking union

This Policy Contribution was prepared for the European Parliament's 'Monetary Dialogue with the President of the European Central Bank Mario Draghi. D