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Articles by Angeloni

Issues arising from the new ‘Powell doctrine’

September 14, 2020

The long-awaited outcome of the Federal Reserve’s monetary strategy review is finally out. This column argues that while the ‘Powell doctrine’ responds to a genuine need to address issues in the Fed’s policy framework, it also introduces complexities in the interpretation and implementation of monetary policy which are likely to become more apparent over time. The hurdles involved do not have easy solutions, and other central banks pondering their own monetary policy framework are well advised to take heed.

The long-awaited outcome of the Fed’s monetary strategy review is finally out. The announcement took the form, on 27 August, of a speech by Chairman Jerome Powell,1  delivered online at the annual Jackson Hole conference and a ‘consensus statement’2 by the

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Beyond the pandemic: Eight proposals to revive the banking union

May 26, 2020

In 2012, at the peak of the euro crisis, the leaders of the EU launched the banking union, involving the transfer of large parts of the banking regulatory and supervisory framework from the national domain to the euro area. This column introduces a new report which takes stock of this reform so far and proposes policy measures to improve its performance. It identifies three strategic goals for regulatory and supervisory action aimed at reviving the banking union: reduce overbanking among weaker players; favour consolidation and enhance efficiency among the stronger ones; strengthen balance sheets further, while encouraging area-wide diversification. The proposed measures cover, among other areas, the crisis management mechanism, with a revamp of the instruments and functions

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Beyond the Pandemic: Reviving Europe’s Banking Union

May 26, 2020

This report reviews Europe’s banking union and suggests possible regulatory changes to revive the project, focused on three strategic goals: reducing overbanking, especially among the weaker players; favouring consolidation and efficiency among the stronger ones; and strengthening balance sheets further, while encouraging cross-border diversification.

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In 2012, at the peak of the euro crisis, the European Union launched the banking union, a project involving the transfer of large parts of the bank regulatory and supervisory framework from the national domain to the euro area. Its aim was to reinforce the euro architecture and to strengthen the area’s banking industry, both put to a severe

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European bank regulators aren’t yet doing what it takes

March 24, 2020

Banks are the key to providing financial oxygen to the economy, but the coronavirus pandemic is raising the risk that banks in the euro area will cease to function. This column argues that the return to normality we all crave requires, among other things, that banks be saved, and that this will not happen unless regulation is adapted and more public support is provided.

One after another, all the long-held tenets and taboos of Europe’s postwar rule-based liberal order seem to be falling away. National borders close. Personal liberties are curtailed. Governments rule by decree, while deserted parliaments hastily rubber stamp. Fiscal limits are overstepped; barely noticed, days ago, were the suspension of the EU stability pact and the approval of a jumbo budget

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