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The Stability and Growth Pact : Crisis and Reform

Schuknecht, Ludger - 2011

The sovereign debt crisis in the euro area is a symptom of policy failures and deficiencies in – among other things – fiscal policy coordination. The first nine years of the euro were not used effectively in order to improve public finances, while the Stability and Growth Pact was watered...

Persistent link: https://www.econbiz.de/10013128170

Fiscal Transfers and Economic Convergence

Capella-Ramos, João; Checherita-Westphal, Cristina D.; … - 2021

Before the outbreak of the coronavirus (COVID-19) pandemic, discussions were already taking place on how to complete Economic and Monetary Union (EMU) and increase its resilience, inter alia, by speeding up economic convergence. The impact of the current unprecedented crisis on the euro area...

Persistent link: https://www.econbiz.de/10013314882

An Analysis of Youth Unemployment in the Euro Area

Salvador, Ramon Gomez; Leiner-Killinger, Nadine - 2021

The paper starts by presenting some stylised facts on youth unemployment over the last two decades, both at the euro area and the country level. It shows that despite declining considerably over the last few years, youth unemployment has remained at a high level relative to other age groups in...

Persistent link: https://www.econbiz.de/10013316620

Labour Supply and Employment in the Euro Area Countries : Developments and Challenges

Ward-Warmedinger, Melanie E.; Masuch, Klaus; Salvador, … - 2021

The aim of this report, which has been prepared by a Task Force of the Monetary Policy Committee of the Eurosystem, is to describe and analyse the main developments in labour supply and its determinants in the euro area, review the links between labour supply and labour market institutions,...

Persistent link: https://www.econbiz.de/10013316621

Inflation persistence and price-setting behaviour in the euro area – a summary of the IPN evidence

Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - 2006

This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings are - i) Under the current monetary policy regime, the...

Persistent link: https://www.econbiz.de/10011606198

The Predictability of Monetary Policy

Blattner, Tobias Sebastian - 2008

Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...

Persistent link: https://www.econbiz.de/10012772989

Structural Reforms in EMU and the Role of Monetary Policy - A Survey of the Literature

Leiner-Killinger, Nadine - 2007

The need for structural reforms in the euro area has often been advocated. These reforms would improve the welfare of euro area citizens and also, as a welcome side-effect, facilitate the conduct of monetary policy. Against this background, a particularly relevant question that can be posed is...

Persistent link: https://www.econbiz.de/10012777281

The Ecb's Price Stability Framework : Past Experience, and Current and Future Challenges

Cecioni, Martina; Coenen, Günter; Motto, Roberto; le … - 2021

The ECB’s price stability mandate has been defined by the Treaty. But the Treaty has not spelled out what price stability precisely means. To make the mandate operational, the Governing Council has provided a quantitative definition in 1998 and a clarification in 2003. The landscape has...

Persistent link: https://www.econbiz.de/10013210725

Clear, Consistent and Engaging : ECB Monetary Policy Communication in a Changing World

Assenmacher, Katrin; Glöckler, Gabriel; Holton, Sarah; … - 2021

This paper examines the importance of central bank communication in ensuring the effectiveness of monetary policy and in underpinning the credibility, accountability and legitimacy of independent central banks. It documents how communication has become a monetary policy tool in itself; one...

Persistent link: https://www.econbiz.de/10013210829

Monetary Policy Strategy in a Global Environment

Moutot, Philippe - 2015

ultimate provider of liquidity to financial markets in situations of extreme instability and market malfunctioning. A sudden … and sharp liquidity drought in the market should be tackled with appropriate measures that could even go beyond the … communicate that the aim of its liquidity provision measures is to support the proper functioning of financial markets, and that …

Persistent link: https://www.econbiz.de/10012749923