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Are rules and boundaries sufficient to limit harmful central bank discretion? : lessons from Europe

Orphanides, Athanasios - 2014

Marvin Goodfriend's (2014) insightful, informative and provocative work explains concisely and convincingly why the Fed needs rules and boundaries. This paper reviews the broader institutional design problem regarding the effectiveness of the central bank in practice and confirms the need for...

Persistent link: https://www.econbiz.de/10010417257

The boundaries of central bank independence : lessons from unconventional times

Orphanides, Athanasios - 2018

What institutional arrangements for an independent central bank with a price stability mandate promote good policy outcomes when unconventional policies become necessary? Unconventional monetary policy poses challenges. The large scale asset purchases needed to counteract the zero lower bound on...

Persistent link: https://www.econbiz.de/10011901698

Estimating the European Central Bank's "extended period of time"

Bletzinger, Tilman; Wieland, Volker - 2013

On July 4, 2013 the ECB Governing Council provided more specific forward guidance than in the past by stating that it expects ECB interest rates to remain at present or lower levels for an extended period of time. As explained by ECB President Mario Draghi this expectation is based on the...

Persistent link: https://www.econbiz.de/10010400889

The single supervisory mechanism : panacea or quack banking regulation? ; preliminary assessment of the evolving regime for the prudential supervision of banks with ECB involvement

Tröger, Tobias - 2013

other EU Member States. Joining the SSM as a non-euro area Member State is unattractive because the current legal framework …

Persistent link: https://www.econbiz.de/10010400890

The European Central Bank's outright monetary transactions and the Federal Constitutional Court of Germany

Siekmann, Helmut; Wieland, Volker - 2013

This note reviews the legal issues and concerns that are likely to play an important role in the ongoing deliberations of the Federal Constitutional Court of Germany concerning the legality of ECB government bond purchases such as those conducted in the context of its earlier Securities Market...

Persistent link: https://www.econbiz.de/10010400895

Central bank losses and commercial bank profits : unexpected and unfair?

Jost, Thomas; Mink, Reimund - 2024

reduce excess reserves are creating new severe problems and are neither justified nor helpful. Ultimately, the EU member …

Persistent link: https://www.econbiz.de/10014475914

On the importance of central banks watchers : The SNB and its Watchers Conference, Bern, November 1, 2023

Issing, Otmar - 2023

In his speech at the conference "The SNB and its Watchers", Otmar Issing, member of the ECB Governing Council from its start in 1998 until 2006, takes a look back at more than twenty years of the conference series "The ECB and Its Watchers". In June 1999, Issing established this format together...

Persistent link: https://www.econbiz.de/10014420180

The German Federal Constitutional Court ruling and the European Central Bank's strategy

Feld, Lars P.; Wieland, Volker - 2020

The ruling of the German Federal Constitutional Court and its call for conducting and communicating proportionality assessments regarding monetary policy have been the subject of some controversy. However, it can also be understood as a way to strengthen the de-facto independence of the European...

Persistent link: https://www.econbiz.de/10012303171

The legality of outright monetary transactions (OMT) of the European system of central banks

Siekmann, Helmut - 2015

of acts of an organ of the EU in principle is not the task of the GFCC. As justification for this procedure the court … preliminary rulings on several questions of EU law. In substance, the German court assessed OMT as an act of economic policy which … is not covered by the competences of the ECB. Furthermore, it judged OMT as a - by EU primary law - prohibited monetary …

Persistent link: https://www.econbiz.de/10010508472

The legal framework for the European system of central banks

Siekmann, Helmut - 2015

The Treaty of Maastricht imposed the strict obligation on the European Union (EU) to establish an economic and monetary … integral part of the EU. The single currency was to become the currency of the EU and to be the legal tender in all Member … States unless an exemption was explicitly granted in the primary law of the EU, as in the case of the UK and Denmark. The …

Persistent link: https://www.econbiz.de/10010508478