In this report we outline how a formulating normative measure of macroprudential policy stance requires a framework containing objectives, tools and transmission mechanisms. To complement the currently prevailing narrative approach, we apply lessons from the monetary policy to macroprudential...

During the Covid-19 pandemic, Europe has benefitted strongly from being an open economy that can access goods and services from other parts of the world. Paradoxically, some politicians in Europe think that dependence on foreign supplies reduced the resilience of our economy - and argue that...

The COVID-19 pandemic has exposed the fragility of medical product and pharmaceutical global value chains (GVCs). Against this background, debates on various policies to increase the resilience of these supply chains intensified. However, there is currently no consensus on which policies are...

In response to the Covid-19 pandemic, the European Council agreed to provide major financial support to Member States. Drawing on a combination of the EU's long-term budget (2021-2027) and an additional temporary support system known as 'NextGenerationEU' (NGEU), the EU has been providing funds...

Der Beitrag beschreibt und bewertet die wirtschafspolitische Maßnahmen, die auf EU-Ebene als Reaktion auf die Coronapandemie beschlossen wurden oder sich noch in politischen Beratungen befinden. Die EZB hat schnell reagiert, die Liquiditätsunterstützung massiv ausgeweitet und die Regeln für...

The policy brief describes and assesses the economic policy measures that have been adopted or are under discussion at EU level in response to the corona pandemic. The ECB has reacted quickly, massively expanded liquidity support and relaxed the rules for bond purchases. The European Commission...