Central banks define a monetary policy strategy in which they set out the instruments they use to achieve their monetary policy objectives as well as the incoming data they take into account when using these instruments. Independent central banks in particular are expected to provide a detailed...

In this paper, we show that the case law on the legality of bond purchases by Eurosystem central banks is partly based on the economic theory of monetarism and, in particular, on a 1981 paper by Thomas Sargent and Neil Wallace ("Some Unpleasant Monetarist Arithmetic"). However, monetarism,...

There is consensus that the Stability and Growth Pact (SGP) needs to evolve. In this paper, we put forward reform ideas aimed at reducing debt levels, enabling sustainable growth and strengthening Europe's sovereignty without a change in primary legislation. The current fiscal framework leads to...