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Tag Archives: European Central Bank (ECB)

How to ward off the next recession

Despite confident official pronouncements, the deteriorating state of the global economy is now high on the international policy agenda. The OECD recently revised down its forecasts to 1.5% growth in the advanced G20 economies in 2020, compared to almost 2.5% in 2017. And its chief economist Laurence Boone warned of the risk of further deterioration – a coded way of indicating a growing threat of recession.Structural shifts in the automobile industry, miserable productivity gains in advanced...

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La Banca centrale europea

This external publication delves into the new responsibility given to the European Central Bank: supervision on banks in the euro-area. It tells its history and illustrates its functions, structure and responsibilities and the exceptional answers to respond to the "perfect storm" of the crisis. By: Francesco Papadia Date: July 31, 2019 Topic: European Macroeconomics & Governance The European Central Bank is an independent and supranational institution with the primary task of...

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Croatia’s path into the banking union

Croatia seems a suitable candidate for euro area accession: there is a tight peg to the euro, high public debt is coming down, and the banking sector is already dominated by euro area banks. But the Eurogroup has rightly targeted reforms of the state’s role in the economy as a precondition for participation in ERM II and the banking union. None of the announced reform plans are new or easily concluded within the timeframe that has now been agreed. By: Alexander Lehmann Date:...

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Director’s Cut: Priorities for the new ECB president

In this Director's Cut of 'The Sound of Economics', Guntram Wolff talks to two of the authors of Bruegel's memo to the new ECB president, Maria Demertzis and Grégory Claeys, to specify the most important issues at the beginning of this eight-year cycle and to clarify the parameters within which the new incumbent will have to work. By: The Sound of Economics Date: July 4, 2019 Topic: European Macroeconomics & Governance A...

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Director’s Cut: ECB monetary policy decisions deconstructed

In this Director’s Cut, Bruegel’s Grégory Claeys and Maria Demertzis take a deeper look at whether the monetary policy decisions made by the ECB over the past three presidential eras arrived by consensus, by unanimity or by majority votes of the governing council. By: The Sound of Economics Date: June 27, 2019 Topic: European Macroeconomics & Governance The next president of the ECB, much like his predecessors, will have...

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The evolution of the ECB governing council’s decision-making

Before it is decided who will chair the governing council for the next eight years, the authors look back and examine precisely how decisions have been taken since the ECB was created – by unanimity, by majority, or by consensus. Given the peculiar multi-country nature of the Eurosystem, taking monetary policy decisions by unanimity, or at least by consensus, was considered a priority by the founder members of the governing council of the ECB to ensure that the new central bank would be...

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The next ECB president

On May 28th, EU heads of state and government will start the nomination process for the next ECB president. Leaving names of possible candidates aside, this review tries to isolate the arguments about what qualifications the new president should have and what challenges he or she is likely to face. On May 28th, two days after European Parliament elections have been held in all 28 member states, heads of state and government will meet in Brussels to start the nomination process for the...

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Developing resilient bail-in capital

Europe’s largest banks have made progress in issuing bail-inable securities that shelter taxpayers from bank failures. But the now-finalised revision of the bank resolution directive and a new policy of the SRB will make requirements to issue such securities more onerous for other banks. In order to strengthen banking-system resilience, EU capital-market regulation should facilitate exposures of long-term institutional investors. The ECB’s March policy meeting announced not just a delay...

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Director’s Cut: The case for a legislative remedy for recessions

Bruegel's Maria Demertzis welcomes Yale Law School professor Yair Listokin to this Director's Cut of 'The Sound of Economics', to discuss how law might be deployed as a macroeconomic tool to counter financial crisis. By: The Sound of Economics Date: March 12, 2019 Topic: European Macroeconomics & Governance In this episode of Director’s Cut, Bruegel’s deputy director Maria Demertzis talks to Yair Listokin, a professor at...

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Greening monetary policy: An alternative to the ECB’s market-neutral approach

The ECB’s market-neutral approach to monetary policy undermines the general aim of the EU to achieve a low-carbon economy. An alternative tilting approach would foster low-carbon production, accelerating the transition of the EU to a low-carbon economy, and could be implemented without undue interference with the chief aim of price stability. By: Dirk Schoenmaker Date: February 21, 2019 Topic: European Macroeconomics & Governance...

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