How is monetary policy evolving in the face of recent crises? With central banks taking on new roles, how accountable are they to democratic institutions?
ECB Executive Board Member Philip Lane discusses the outlook for Euro area economies.
Policymakers must think coherently about the joint implications of their actions, from sanctions on Russia to subsidies and transfers to their own citizens, and avoid taking measures that contradict each other. This is what we try to do in this Policy Contribution, focusing on the macroeconomic aspects of relevance for Europe.
How to address vulnerabilities in banks in the coming years?
The EU’s ambitious emissions reduction targets will require a major increase in green investments. This column considers options for increasing public green investment when major consolidations are needed after the fiscal support provided during the pandemic. The authors make the case for a green golden rule allowing green investment to be funded by deficits that would not count in the fiscal rules. Concerns about ‘greenwashing’ could be addressed through a narrow definition of green investments and strong institutional scrutiny, while countries with debt sustainability concerns could initially rely only on NGEU for their green investment.
The events that have unfolded since 24 February have solved one dispute: inflation is no longer temporary.
Introducing average over time without defining what this means is counterproductive and current levels of inflation in the US will sooner or later expose this weakness in the Fed’s new strategy.
Youthful Asia offers immense opportunities for investors, but this potential can only be realised if their infrastructure and energy needs are fulfilled.
Review of 'Monetary policy in times of crisis: a tale of two decades of the European Central Bank' published in the Central Banking.
Presentation of the Yearbook of the Euro 2022.
Fed shift towards raising rates will make it hard for China and Japan not to tighten monetary policy.
Whether the dynamism of European venture capital of the past two years can be sustained and kick start a credible alternative to bank finance in the European Union remains to be seen.