I have written two new briefing papers for the European Parliament on ECB-related issues. The first focuses on assessing Mario Draghi’s term as ECB President. The second provides recommendations for the likely upcoming review of monetary policy strategy.
I spent November 2018 in Sydney visiting the University of Sydney. While there, I competed my latest briefing paper for the European Parliament’s ECON committee “Monetary Policy in an Era of Low Average Growth Rates“. I also gave a seminar on the related topic of The Euro Area’s Long-Term Growth Prospects: With and Without Structural Reforms.
My latest briefing paper for the European Parliament’s Economic and Monetary Affairs committee is titled “Should central banks be concerned about virtual currencies?”
This is part of a collection of papers delivered to the committee prior to their meeting on July 9 with ECB President Draghi. The papers can be found by clicking here and expanding on where it says “Monetary Dialogue – 9 July 2018″.
Here is a presentation titled “The Lender of Last Resort in the Euro Area: Where Do We Stand?” which I gave in March at a workshop on financial stability at University College Cork.
The Eurosystem’s often-misunderstood TARGET2 balances have again become a topic featured in op-eds and bank briefing documents. I’m posting this a bit late but here is a briefing paper I did on these balances that was submitted to the European Parliament in November 2017. For those interested in a longer explanation of how the mechanics of how these balances come about, my 2013 paper covers a lot of different issues.
Some comments on today’s ECB Governing Council decision to cap ELA for Greek banks.
A discussion of the mechanism that is potentially driving Greece out of the Eurozone and its implications for the future of the euro.
Lots of people think the euro area’s central banks will be handing back all the interest payments they receive on their QE bonds, providing a nice boost to the taxpayer. They won’t. Grim details here.
With QE purchases starting a few days ago, some thoughts on how QE works with a nice graph to explain.