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How much fiscal backing must the ECB have? : The Euro Area is not the Philippines

Belke, Ansgar - 2010

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations (“repo”). This has led some commentators to argue that the ECB needs...

Persistent link: https://www.econbiz.de/10003961044

Monetary dialogue 2009 - 2014 : looking backward, looking forward

Belke, Ansgar - 2014

regarding its focus range, to make it even more effective. In our view, the transparency/accountability issue represented by a … optimal degree of ECB transparency and accountability towards the EP, the key democratic institution. … gegenwärtig stark verändernden Geldpolitik. Die Diskussion wird geführt im Hinblick auf die Verwendung eines Zinsausblicks …

Persistent link: https://www.econbiz.de/10010259542

The euro area crisis management framework : consequences and institutional follow-ups

Belke, Ansgar - 2010

The current instruments in the EU to deal with debt and liquidity crises include among others the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). Both are temporary in nature (3 years). In terms of an efficient future crisis management...

Persistent link: https://www.econbiz.de/10008933285

Reinforcing EU governance in times of crisis : the commission proposals and beyond

Belke, Ansgar - 2010

The recent extensive package introduced by the Commission is the most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic and Monetary Union. Broader and enhanced surveillance of fiscal policies, but also macroeconomic policies and...

Persistent link: https://www.econbiz.de/10008934948

Exit strategies and their impact on the Euro area : a model based view

Belke, Ansgar - 2014

Dieser Beitrag untersucht die Argumente für und gegen einen Ausstieg aus der expansiven Geldpolitik. Der Fokus liegt …

Persistent link: https://www.econbiz.de/10010227698

A more effective euro area monetary policy than OMTs : gold-backed sovereign debt

Belke, Ansgar - 2013

This paper argues that using gold as collateral for highly distressed bonds would bring great benefits to the euro area in terms of reduced financing costs and bridge-financing. It is mindful of the legal issues that this will raise and that such a suggestion will be highly controversial....

Persistent link: https://www.econbiz.de/10009771146

QE in the euro area : has the PSPP benefited peripheral bonds?

Belke, Ansgar; Gros, Daniel - 2019

The asset purchase programme of the euro area, active between 2015 and 2018, constitutes an interesting special case of Quantitative Easing (QE) because the ECB’s Public Sector Purchase Programme (PSPP) involved the purchase of peripheral euro area government bonds, which were clearly not...

Persistent link: https://www.econbiz.de/10011994801

Finance access of SMEs : what role for the ECB?

Belke, Ansgar - 2013

Small and medium size enterprises (SMEs) of southern euro-area economies (e.g. Italy, Spain) pay significantly higher borrowing rates than their peers of the core (e.g. Germany, France) and this divergence is widening. It is argued that severe market failures prevent SMEs in southern euro area...

Persistent link: https://www.econbiz.de/10009779172

Is fiscal policy coordination needed in a common currency area?

Belke, Ansgar (contributor); Gros, Daniel (contributor) - 2008

It is widely assumed that a common currency makes it desirable to have also a common fiscal policy. However, if fiscal policy is a source of shocks, independent national fiscal policies are generally preferable because they allow for risk diversification. -- Currency union ; fiscal policy...

Persistent link: https://www.econbiz.de/10003745058

Forecasting ECB policy rates with different monetary policy rules

Belke, Ansgar; Klose, Jens - 2019

This article compares two types of monetary policy rules - the Taylor-Rule and the Orphanides-Rule - with respect to their forecasting properties for the policy rates of the European Central Bank. In this respect the basic rules, results from estimated models and augmented rules are compared....

Persistent link: https://www.econbiz.de/10012034314