The European Central Bank (ECB) and the Bank of England (BoE) are shadowed by professionals and academic economists who provide a separate policy rate recommendation in advance of the central bank's announcement. We explore differences between shadow and actual committee decisions based on an...

Sooner or later, the ECB must accept that monetary financing in support of deficit spending is a necessity not just for mitigating the coronavirus crisis, but also for averting a downward deflationary cycle that could pull the eurozone apart.

This paper provides an overview of central banking arrangements in those European countries that have adopted the euro. Issues addressed include the structure of the Eurosystem and its central banking functions, the kind of independence granted to the system and the role of monetary policy that...