Policy Contribution
An earlier version of this paper was presented at ‘The MPC at 25’, a conference organised by the United Kingdom’s National Institute of Economic and Social Research, in London, 30 March 2022 The process by which central banks take decisions has evolved over the years, with a tendency towards independence and decisions taken by committees […]
Blog Post
Without Russian gas, the European Union would have to reduce demand by approximately 15%, with big differences between different parts of Europe
Opinion
Tackling inflation requires both monetary and fiscal policy tightening. It should be done quickly to avoid building up inflationary inertia and stagflation
Past Event
How can the public sector meet the climate funding needs of the EU?
Blog Post
Expected increases in interest rates and reductions in real GDP growth rates will result in relatively small increases in public debt-to-GDP ratios, but inflation will reduce debt ratios very substantially
Blog Post
Crucial decisions about whether a country can join the euro area depend on questionable discretionary decisions.
Policy Contribution
The EU Platform could become an effective emergency tool to safeguard Europe’s security of gas supply in case of a sudden interruption of Russian gas flows, but policymakers need to address challenges to make it work.
External Publication
The ECB should design a specific tool that will accompany interest rate hikes to neutralise the risk of fragmentation directly for countries facing it, staying within the bounds of the EU treaties and ensuring political legitimacy. We also advocate structural changes to the ECB’s collateral framework to avoid unnecessary uncertainty surrounding the safe asset status of European sovereign bonds.
Blog Post
The ban on most Russian oil significantly scales up the EU response to aggression against Ukraine, but the bloc should stand ready for retaliatory actions.
Podcast
A timely reflection on the EU’s latest round of sanctions banning Russian oil imports.
Opinion
Even though inflation in the euro area is lower than in the US, three issues make it a lot more difficult for the ECB to control inflation and preserve financial stability. Once again, the limits of EMU architecture are visible and will require a rethink.
External Publication
This chapter discusses the key obstacles that have so far prevented 840 million people worldwide from gaining access to electricity.