Monetary policy

What can central banks do to take the Paris Agreement seriously?

Central banks should take a macro approach to managing system-wide risks stemming from the climate transition

Dirk Schoenmaker and Hesse McKechnie

Memo to the commissioner responsible for the European Union budget

Marco Buti, Zsolt Darvas and Armin Steinbach

The European Central Bank’s operational framework and what it is missing

This paper attempts to fill in the gaps in the European Central Bank's framework review

Giulia Gotti and Francesco Papadia

The European Central Bank must adapt to an environment of inflation volatility

The ECB must adapt its strategy to a new era of supply disruptions

Lucrezia Reichlin and Jeromin Zettelmeyer

Twenty years of European east-west household income convergence

While average household income is lower than GDP per capita, the poor have especially benefitted from income gains in central and eastern EU members

Zsolt Darvas

Navigating the treacherous political economy of structural reform

In setting economic policy, politicians should pay attention to the latest economic data and to when they next need to face voters at the polls

Davide Furceri, Jonathan D. Ostry, Chris Papageorgiou and Dennis P. Quinn

Why are concrete economic proposals so important before the EU elections?

Maria Demertzis

De-dollarisation is all about de-risking

Maria Demertzis

German pension reform push crystallises challenges faced by many European countries

The burden of pension reform should be shared across generations, even if it is politically difficult

David Pinkus

Price stability is all about climate change

The European Central Bank should bring in cheaper greening funding for banks, to offset the impact of high interest rates on the energy transition

Dirk Schoenmaker and Rens van Tilburg

A tale of two treatises: the Werner and Delors Reports and the birth of the euro

Focusing on the Werner and Delors Reports, this essay aims to capture key ideas and debates, giving a chronological overview of the EMU process

Ivo Maes

Macroeconomic policy frameworks in the EU: in need of renewal

Maria Demertzis

Low-carbon allocation in monetary policy implementation

Dirk Schoenmaker