Blog Post
The pandemic has increased the net lending position of the German corporate sector. By incentivising private investment, policymakers could trigger a virtuous cycle of increasing wages, decreasing corporate net lending, which would eventually lead to a reduction of the economy-wide current account surplus.
Upcoming Event
This event will feature the presentation of “Monetary Policy in Times of Crisis – A Tale of Two Decades of the European Central Bank."
External Publication
In-depth analysis prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON).
Blog Post
Negative rate cuts are not that different from ‘standard’ rate cuts. Like them, they reduce banks’ margins, but this effect does not appear to be amplified below 0%.
Blog Post
There is concern in Germany about rising prices, but expectations and wage data show no sign of excess pressures; German inflation should exceed 2% to support euro-area rebalancing but is unlikely to do so on sustained basis.
Blog Post
Use of Emergency Liquidity Assistance to prop up euro-area banks needs to be more transparent; available evidence suggests its use has not always been within the rules.
Opinion
The pandemic has shown that the EU’s spending framework reflects an outdated economic orthodoxy.
Podcast
What does strategic sovereignty mean to and for Europe?
Opinion
While EU Treaties clearly stipulate that the ECB “shall support the general objectives of the European Union”, it is not appropriate to simply stand by, wishing that the ECB will use its discretionary power to act on them. Political institutions of the EU should prioritise the secondary goals to legitimise the ECB’s action.
Past Event
A discussion of Italian and German macro-economic cultures and performances.
Past Event
Join us for the launch of the eighth edition of the 'Euro Yearbook'
External Publication
Study of regulatory measures and supervisory practices that have supported public guarantee schemes and moratoria in euro-area countries prepared for the ECON committee of the European Parliament.