To our knowledge, this paper is the first to discuss the response of European energy commodity prices to unexpected monetary policy surprises from the European Central Bank. Using the Rigobon (2003) identification through heteroscedasticity method, we find a significant and positive response...

The ECB has announced that when government and corporate bonds come to maturity in the context of its QE-program, new bonds will be bought in the market so as to keep the money stock (money base) unchanged. This creates a "window of opportunities" for the ECB. It could replace the old bonds with...

The misalignment of the Corporate Sector Purchase Programme (CSPP), the latest iteration in the development of the Eurosystem’s unconventional measures of monetary policy, with EU environmental global commitments has stirred a lot of political debate in recent months. Critics of the CSPP...

The Russian government's attack on Ukraine and the spiral of sanctions that has been set in motion have heightened inflationary pressure - especially in Europe. The EU's high dependency on Russian oil and gas imports harbours the risk that inflation in Europe will rise significantly and that the...