Similar Search Results

The Four Unions 'PIE' on the Monetary Union 'CHERRY' : A New Index of European Institutional Integration

Dorrucci, Ettore - 2015

This paper presents a European Index of Regional Institutional Integration (EURII), which maps developments in European integration from 1958 to 2014 on the basis of a monthly dataset. EURII captures what we call: (i) the “Common Market Era”, which lasted from 1958 until 1993; and (ii) the first...

Persistent link: https://www.econbiz.de/10013030488

What's so Special About Specialisation in the Euro Area?

Mongelli, Francesco Paolo - 2016

Euro area countries exhibited modest convergence prior to the financial crisis and diverged thereafter. Such divergence has been examined from many angles, and various narratives of the crisis have developed. Surprisingly, the gradual transformation of the economic structures of euro area...

Persistent link: https://www.econbiz.de/10012999408

Inflation Persistence and Price-Setting Behaviour in the Euro Area - a Summary of the Ipn Evidence

Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - 2021

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/10013318305

The Working of the Eurosystem : Monetary Policy Preparations and Decision-Making - Selected Issues

Moutot, Philippe; Jung, Alexander; Mongelli, Francesco Paolo - 2021

The ECB's monetary policy has received considerable attention in recent years. This is less the case, however, for its regular monetary policy preparation and decision-making process. This paper reviews how the factors usually considered as critical for the success of a central banking system...

Persistent link: https://www.econbiz.de/10013316885

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

The ECB After the Crisis : Existing Synergies Among Monetary Policy, Macroprudential Policies and Banking Supervision

Cassola, Nuno - 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/10012858961

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

Climate Change and Monetary Policy in the Euro Area

Drudi, Francesco; Mönch, Emanuel; Holthausen, Cornelia; … - 2021

This paper analyses the implications of climate change for the conduct of monetary policy in the euro area. It first investigates macroeconomic and financial risks stemming from climate change and from policies aimed at climate mitigation and adaptation, as well as the regulatory and fiscal...

Persistent link: https://www.econbiz.de/10013210835

A Tale of Three Crises : Synergies between ECB Tasks

Kok, Christoffer; Mongelli, Francesco Paolo; … - 2022

events heralded significant reforms of the EU’s governance and financial architecture. On the tail of these two crises, the … sequence of financial reforms has improved the sector’s ability to deal with major macro-financial shocks at the EU/euro area … that during the same period major developments within the EU non-bank financial sector were observed. The COVID19 crisis …

Persistent link: https://www.econbiz.de/10013491770