The belief that the ECB follows the US Federal Reserve in setting its policy is so entrenched with market participants and commentators that the search for empirical support would seem to be a trivial task. However, this is not the case. We find that the ECB is indeed often influenced by the...

The belief that the ECB follows the US Federal Reserve in setting its policy is so entrenched with market participants and commentators that the search for empirical support would seem to be a trivial task. However, this is not the case. We find that the ECB is indeed often influenced by the...

The notes in this compilation analyse the potential side effects of the ECB expanded asset purchase programme (Quantitative Easing or QE) by focusing on the channels through which monetary policy may affect the distribution of income and wealth, e.g by favouring financial rather than labour...

With the European Parliament's 7th legislative (2004-2009) term coming to an end, the notes of this compilation reflect on the working of the Monetary Dialogue exercise. The notes assess the actual activity of information exchange between the European Parliament and the ECB, review the past five...

The global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both originate in the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served as a transmission belt, both during the boom as during...

After the dramatic rescue package for the euro area, the governing council of the European Central Bank decided to purchase European government bonds - to ensure an "orderly monetary policy transmission mechanism". Many observers argued that, by bond purchases, national fiscal policies could...