Monetary Dialogue

From 2009 to 2024, I was a member of the expert panel of advisers for the European Parliament’s Committee on Economic and Monetary Affairs in relation to its Monetary Dialogue with the ECB (its quarterly meetings with the ECB President.) Here are the briefing papers I wrote the committee.

Links to the papers presented by the panel to the committee since 2019 are available here. Papers from 2013 to 2018 are here.

The Euro at 25 and What’s Next for the ECB? (February 2024)

Comparing Fed and ECB Monetary Policies (November 2023)

The Future of ECB Liquidity Policy (September 2023)

Monetary Policy and Financial Stability (May 2023).

QT in the Euro Area (March 2023)

Global Factors and ECB Monetary Policy (November 2022)

Should the ECB Be Tightening Faster? (September 2022)

Where Do We Stand With “Whatever It Takes”? (June 2022)

Should Rising Inflation Expectations Concern the ECB? (January 2022)

How Should Housing Be Treated in the HICP? (October 2021)

Should the ECB Be Worried About Inflation? (September 2021)

Implications for the Euro Area of US Macroeconomic Policies (June 2021)

Monetary-Fiscal Interactions in the Euro Area: Assessing the Risks (November 2020)

Accountability at the Fed and the ECB (September 2020)

The ECB’s Mandate and Legal Constraints (May 2020)

Recommendations for the ECB’s Monetary Policy Strategy Review (November 2019)

Draghi’s Term as ECB President and the Challenges Ahead (September 2019)

The Euro at 20: Successes, Problems, Progress and Threats (January 2019)

Monetary Policy in an Era of Low Average Growth Rates (November 2018)

Central Bank Communications and Monetary Policy (September 2018)

Should Central Banks Be Concerned about Virtual Currencies? (June 2018)

Should We Be Concerned about TARGET Balances?  (November 2017)

Brexit and the Future of the Euro (November 2016)

Monetary Policy and Business Investment in the Euro Area (June 2016)

The ECB and Financial Assistance Programmes: Has ECB Acted Beyond its Mandate? (October 2015)

Does QE Have Unpleasant Side Effects? (June 2015)

Low Interest Rates and Financial Stability (March 2015)

The ECB’s Collateral Policy and Its Future as Lender of Last Resort (November 2014).

Inflation Differentials and Euro-Area Monetary Policy (September 2014).

The ECB and Non-Standard Policies: Too Little Too Late? (June 2014)

The Monetary Dialogue and Accountability for the ECB (February 2014)

Principles for Re-Capitalising Europe’s Banks (December 2013)

New Roles and Challenges for the ECB (September 2013)

The ECB and Finance for SMEs (June 2013)

Should Monetary Policy be Separated From Banking Supervision? (December 2012)

How Should a European Banking Union Work? (September 2012)

The ECB’s Role in Financial Assistance Programmes (June 2012)

Macroeconomic Imbalances in the Euro Area (April 2012)

Ratings Agency Reform: Shooting the Messengers? (November 2011)

Trichet’s ECB Presidency: A True Age of Turbulence (September 2011)

The ECB’s Next Steps (June 2011)

Bank and Sovereign Debt Resolution: “Never Again” Meets “Not Yet” (March 2011)

EU Economic Governance: Less Might Work Better Than More (November 2010)

The Future for Eurozone Financial Stability Policy (September 2010)

The Euro, the ECB and the European Sovereign Debt Crisis (June 2010)

Global Imbalances and the Financial Crisis (March 2010)

Containing Systemic Risk (December 2009).