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Excess liquidity in the euro area : sources and remedies
Dąbrowski, Marek - 2023
The excess liquidity in the euro area is a product of a long period of quantitative easing. It changed the operational framework of the European Central Bank (ECB)’s monetary policy from the scarce reserves system (SRS) to the abundant reserves system (ARS). To eliminate excess liquidity and...
Persistent link: https://www.econbiz.de/10014491928
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quantitative easing by the major western central banks during the global financial crisis
Ashworth, J - Palgrave Macmillan
rounds of QE provided a significant boost to both growth and inflation in the USA and UK, whilst the evidence on the impact … policies to generate a material revival in bank lending. Meanwhile, fears that QE would fuel a sharp acceleration in inflation …
Persistent link: https://www.econbiz.de/10011141074
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Interaction between monetary policy and bank regulation : lessons for the ECB
Dąbrowski, Marek - 2016
The European Central Bank (ECB) recently became engaged in macro-prudential policies and the micro-prudential supervision of the largest Euro area banks. These new tasks should help complete financial integration, and make the Euro area more resilient to financial instability risks. However, the...
Persistent link: https://www.econbiz.de/10011455880
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The ECB after the crisis : existing synergies among monetary policy, macroprudential policies and banking supervision
Cassola, Nuno; Kok Sørensen, Christoffer; Mongelli, … - 2019
The prolonged crisis exposed the vulnerability of a monetary union without a banking union. The Single Supervisory Mechanism (SSM), which started operating in November 2014, is an essential step towards restoring banks to health and rebuilding trust in the banking system. The ECB is today...
Persistent link: https://www.econbiz.de/10012132851
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Policy rules and the inflation surge : the case of the ECB
Tatar, Balint; Wieland, Volker - 2024
This paper investigates the implications of monetary policy rules during the surge and subsequent decline of inflation … or domestic inflation data called for raising interest rates in 2021 and well ahead of the rate increases implemented by …
Persistent link: https://www.econbiz.de/10015066245
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Market Predictability of ECB Monetary Policy Decisions; A Comparative Examination
Ross, Kevin - International Monetary Fund (IMF) - 2002
Many surveys of the ECB's monetary framework emphasize the inability of financial markets to correctly predict monetary policy decisions. At the same time, these surveys of financial market participants have given relatively high marks to the United States Federal Reserve and the Bank of England...
Persistent link: https://www.econbiz.de/10005826296
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Cross-border spillover effects of macroprudential policies : a conceptual framework
Kok Sørensen, Christoffer; Reinhardt, Dennis - Europäische Zentralbank / Task Force on Cross-Border … - 2020
Due to the international dimension of the financial sector within the EU and beyond, domestically oriented macroprudential policies have the potential to create material cross-border spillover effects. This occasional paper provides a detailed overview of the academic and empirical literature on...
Persistent link: https://www.econbiz.de/10012254361
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The EU's Open Strategic Autonomy from a central banking perspective : challenges to the monetary policy landscape from a changing geopolitical environment
2023
Over the past decade, geopolitical developments - and the policy responses to these by major economies around the world - have challenged economic openness and the process of globalisation, with implications for the economic environment in which central banks operate. The return of war to Europe...
Persistent link: https://www.econbiz.de/10014248552
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Rules versus human beings, and the mandate of the ECB
Fratzscher, Marcel - 2015
The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The paper reviews, compares and evaluates the different arguments made in favour...
Persistent link: https://www.econbiz.de/10011651154
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The ECB'S Money Pillar; An Assessment
Jaeger, Albert - International Monetary Fund (IMF) - 2003
some of the area's institutional features, which may impart considerable persistence to area-wide inflation, caution … against shifting to conventional inflation targeting. But the time series evidence also seems to point to a relatively loose … connection between variations in nominal money growth and inflation in the short to medium run. As a consequence, effective …
Persistent link: https://www.econbiz.de/10005264049