PublicPolicy.ie held its second online conference today on “Ireland’s COVID19 Crisis Response: Perspectives from Social Science.” I gave a talk on a panel titled “EU Dimensions of a Policy Response”. I mainly discussed the role of the ECB, covering some of more extreme potential measures it could take. I discuss monetary financing, helicopter money and the idea of the Eurosystem selling all its gold and returning the money to governments.
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.