Joint Discussion Paper Series in Economics, No
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Press Release, Update 180106
3 January 2012 PRESS RELEASE DISTRIBUTION OF RESPONSIBILITIES AMONG THE MEMBERS OF THE EXECUTIVE BOARD OF THE ECB The Executive Board of the European Central Bank (ECB) agreed today, within the framework of its collective responsibility, on the following distribution of responsibilities among its members, with immediate effect unless otherwise stated: In addition to his statutory duties as President of the Executive Board, the Governing Council and the General Council, the President, Mr Mario Draghi, will remain responsible for Communications; the Counsel to the Executive Board; the ESRB Secretariat; Internal Audit; and Secretariat and Language Services. In addition to his statutory duties as deputy to the President, the Vice-President, Mr Vítor Constâncio, will remain responsible for Administration (with the exception of the New ECB Premises Project) and Financial Stability. In addition, he will be responsible for the Oversight of Payment Systems. Mr Jörg Asmussen will be responsible for International and European Relations. In addition to his role as the ECB’s representative at international meetings, he will represent the ECB in meetings of the Euro Working Group and the Economic and Financial Committee and, will attend with the President or the Vice- President the meetings of the Eurogroup, ECOFIN and the Heads of State or Government at the EU and euro area level. Moreover, he will be responsible for Legal Services, the New ECB Premises Project and the Permanent Representation in Washington, DC. Mr Benoît Cœuré will be responsible, as of 1 March 2012, for Market Operations and, with immediate effect, for Information Systems and Payments and Market Infrastructure. -
G20 Eminent Persons Group on Global Financial Governance Issues Report MAKING the GLOBAL FINANCIAL SYSTEM WORK for ALL
PRESS STATEMENT G20 Eminent Persons Group on Global Financial Governance Issues Report MAKING THE GLOBAL FINANCIAL SYSTEM WORK FOR ALL BALI, INDONESIA, 12 October 2018 - The G20 Eminent Persons Group on Global Financial Governance (the Group) has released its report on proposed reforms for a more effective international monetary and financial system. The report, ‘Making the Global Financial System Work for All’, was presented on 11 October to the G20 Finance Ministers and Central Bank Governors. It will also feature in discussions at the 2018 Institute of International Finance (IIF) Annual Membership Meeting on 12 October 2018, the Roundtable organised by the CGD, LSE, RBWC and UI1 on 13 October 2018, and other fora in the coming weeks. “Our central challenge is to create a cooperative international order for a world that has changed irreversibly: one that is more multipolar and decentralised in decisions, yet more interconnected, and with challenges ahead that are much larger and more pressing than we have seen in decades.” - G20 Eminent Persons Group on Global Financial Governance The Group’s proposals for reforms in global financial governance fall under three themes: Achieving greater development impact: Collaborating across the system Securing the benefits of interconnected financial markets: Reforms for global financial resilience Overall Governance: ‘Making the system work as a system’ “We must make it possible for developing countries to finance sustainable current account deficits, where they are fundamentally needed at their stage of development, without the recurring bouts of instability that set back growth.” - G20 Eminent Persons Group on Global Financial Governance The Group has benefited from consultations with a broad range of national authorities, the IFIs, many other thought leaders from civil society, think tanks, academia and philanthropies, and private sector experts. -
ARM Wrap Up.Indd
Asset and risk management seminar 6 February 2020, London Summary of discussions Full meeting programme List of participants Supported by: The day long seminar formed part of OMFIF’s 10th anniversary commemorations launched at the Gherkin in the City of London on 5 February 2020. We thank members and friends who have supported us since OMFIF’s foundation in January 2010 2 Central bankers ‘running out of tools’ to solve problems The seminar at London’s Painters’ Hall heard central bankers’ concerns that they are running out of tools to solve world economic problems. Three big worries were fading Chinese growth, negative interest rates in Europe and US pre- election divisions. 3 Asset and risk management seminar MARK Sobel, OMFIF’s US chairman, set a gloomy the offsetting factors were US success in lowering tone in opening remarks. He outlined a mediocre dependence on oil imports as well as breakthroughs outlook for Japanese growth, projected annual in areas like artificial intelligence that brought hopes expansion of only 1.3% for the euro area and a of a technologically driven upswing. further likely China growth decline – perhaps to There was general concern – including from as low as 2-4% in coming years from around 6% in policy-makers closely associated with the European 2018-19 and 10% during the now-ended 30-year Central Bank’s quantitative easing – that markets economic spurt. China had been responsible for were pressuring central banks into providing a one-third of world output growth, but this was now permanent ‘safety net’ that constrained their room fading, exacerbated by the coronavirus. -
What Have We Learned? Macroeconomic Policy After the Crisis
What Have We Learned? What Have We Learned? Macroeconomic Policy after the Crisis edited by George Akerlof, Olivier Blanchard, David Romer, and Joseph Stiglitz The MIT Press Cambridge, Massachusetts London, England © 2014 International Monetary Fund and Massachusetts Institute of Technology All rights reserved. No part of this book may be reproduced in any form by any elec- tronic or mechanical means (including photocopying, recording, or information storage and retrieval) without permission in writing from the publisher. Nothing contained in this book should be reported as representing the views of the IMF, its Executive Board, member governments, or any other entity mentioned herein. The views expressed in this book belong solely to the authors. MIT Press books may be purchased at special quantity discounts for business or sales promotional use. For information, please email [email protected]. This book was set in Sabon by Toppan Best-set Premedia Limited, Hong Kong. Printed and bound in the United States of America. Library of Congress Cataloging-in-Publication Data What have we learned ? : macroeconomic policy after the crisis / edited by George Akerlof, Olivier Blanchard, David Romer, and Joseph Stiglitz. pages cm Includes bibliographical references and index. ISBN 978-0-262-02734-2 (hardcover : alk. paper) 1. Monetary policy. 2. Fiscal policy. 3. Financial crises — Government policy. 4. Economic policy. 5. Macroeconomics. I. Akerlof, George A., 1940 – HG230.3.W49 2014 339.5 — dc23 2013037345 10 9 8 7 6 5 4 3 2 1 Contents Introduction: Rethinking Macro Policy II — Getting Granular 1 Olivier Blanchard, Giovanni Dell ’ Ariccia, and Paolo Mauro Part I: Monetary Policy 1 Many Targets, Many Instruments: Where Do We Stand? 31 Janet L. -
SUERF Policy Note, No 11
SUERF Policy Note Issue No 11, March 2017 Completing the architecture of the Euro By Lorenzo Bini Smaghiˡ Abstract The paper shows that the lack of a complete institutional framework in the Eurozone is one of the reasons for the disappointing performance over the last few years. This in turn fuels dissatisfaction with the European institutions, because they are not delivering what people expect, leading them to think that we may need less Europe, rather than more Europe. We need to address this catch-22, by further working on a detailed design of a more complete institutional framework for the European Union and by pushing political authorities to be more courageous in implementing reforms. The publication of the book "Architects of the A complete union, with all the characteristics of a Euro" by Kenneth Dyson and Ivo Maes is a good political union could not be implemented, as we opportunity to take stock of the current state of saw with the Werner Plan. The Werner Plan was the architecture of the Euro, and what is still certainly broader in scope, and probably more missing for its smooth and effective functioning consistent in terms of complementarity between on a lasting basis. The Euro needs to be completed the various components, but it could not be in at least two key dimensions. implemented because it was too encompassing. Some would say it was unrealistic. The first concerns the economic and monetary union. The second concerns the environment in A good architect must take reality into account, which such a union is supposed to operate, what such as the force of gravity that he/she can we would call the political union. -
Swiss Monetary Policy As Viewed by the European Central Bank
Jean-Claude Trichet: Swiss monetary policy as viewed by the European Central Bank Speech by Mr Jean-Claude Trichet, President of the European Central Bank, on the occasion of the 100th anniversary of the Swiss National Bank, Zurich, 22 June 2007. * * * Madame la Présidente de la Confédération suisse, Monsieur le Président du Gouvernement du Liechtenstein, Ministers, Excellencies, Dear President of the Bank Council of the Swiss National Bank, Dear Jean-Pierre Roth, Dear Chairman of the Governing Board of the Swiss National Bank, Dear fellow Governors, Ladies and gentlemen, It is an immense pleasure for me to be here today with such a distinguished audience to celebrate the 100th anniversary of the foundation of the Swiss National Bank (SNB). The SNB is to be especially congratulated because, in spite of the turbulences which have characterised the period since 1907 – two world wars, the Great Depression, and the Great Inflation – it has succeeded in delivering, on average, a remarkably low inflation rate. I regard a historical and international perspective on Swiss price stability as being especially appropriate. A historical and international perspective: a low-inflation country It has been noted that, notwithstanding the Great Inflation episode, and the temporary inflationary outbursts corresponding to the two world wars, the United States should correctly be characterised, when seen from a very long-run perspective, as a low-inflation country. This is a claim made, in particular, by Bradford DeLong in his analysis of the US inflationary experience since the time of the Civil War.1 Historical experience suggests that Switzerland deserves such a characterisation to a significantly greater extent. -
What Is European Integration Really About? a Political Guide for Economists
NBER WORKING PAPER SERIES WHAT IS EUROPEAN INTEGRATION REALLY ABOUT? A POLITICAL GUIDE FOR ECONOMISTS Enrico Spolaore Working Paper 19122 http://www.nber.org/papers/w19122 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 June 2013 I am grateful to Jeff Frieden, Yannis Ioannides, Deborah Menegotto, Stelios Michalopoulos, Romain Wacziarg, and the editors of the Journal of Economic Perspectives (David Autor, Chang-Tai Hseih, and Tim Taylor) for their detailed comments. I also benefited from helpful feedback and conversations with many people, including Lorenzo Bini-Smaghi, Giancarlo Corsetti, Henrik Enderlein, Kai Konrad, Athanasios Orphanides, Lucas Papademos, and Daniela Schwarzer, and participants in the political economy discussion group at Harvard and a conference at the Condorcet Center for Political Economy in Rennes. Of course I am the only one responsible for all opinions and errors in this paper. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2013 by Enrico Spolaore. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. What is European Integration Really About? A Political Guide for Economists Enrico Spolaore NBER Working Paper No. 19122 June 2013 JEL No. F15,F50,F55,H40,H77,N44 ABSTRACT Europe’s monetary union is part of a broader process of integration that started in the aftermath of World War II. -
The First Twenty Years of the European Central Bank: Monetary Policy
Working Paper Series Philipp Hartmann, Frank Smets The first twenty years of the European Central Bank: monetary policy No 2219 / December 2018 Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. Abstract: On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a comprehensive view of the ECB’s monetary policy over these two decades. The first section provides a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of the euro in 1999, going through four cyclical phases “conditioning” ECB monetary policy. We describe the monetary policy decisions from the ECB’s perspective and against the background of its evolving monetary policy strategy and framework. We also highlight a number of the key critical issues that were the subject of debate. The second section contains a partial assessment. We first analyze the achievement of the price stability mandate and developments in the ECB’s credibility. Next, we investigate the ECB’s interest rate decisions through the lens of a simple empirical interest rate reaction function. This is appropriate until the ECB hits the zero-lower bound in 2013. Finally, we present the ECB’s framework for thinking about non-standard monetary policy measures and review the evidence on their effectiveness. One of the main themes of the paper is how ECB monetary policy responded to the challenges posed by the European twin crises and the subsequent slow economic recovery, making use of its relatively wide range of instruments, defining new ones where necessary and developing the strategic underpinnings of its policy framework. -
Europe and the Euro
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Europe and the Euro Volume Author/Editor: Alberto Alesina and Francesco Giavazzi, editors Volume Publisher: The University of Chicago Press Volume ISBN: 0-226-01283-2 Volume URL: http://www.nber.org/books/ales08-1 Conference Dates: October 17-18, 2008 Publication Date: February 2010 Chapter Title: How Central Bankers See It: The First Decade of European Central Bank Policy and Beyond Chapter Author: Stephen G. Cecchetti, Kermit L. Schoenholtz Chapter URL: http://www.nber.org/chapters/c11670 Chapter pages in book: (327- 374) 9 How Central Bankers See It The First Decade of European Central Bank Policy and Beyond Stephen G. Cecchetti and Kermit L. Schoenholtz 9.1 Introduction Otmar Issing: “There was a clear view from a number of outside observers that we would fail and that it would be a disaster in any respect.” As late as 1997, less than a year before the European Central Bank (ECB) was scheduled to come into existence, there was widespread skepticism about whether the European Monetary Union (EMU) would begin on schedule as a broad union and, in some quarters, whether it would happen at all. Yet here we are a full decade after the advent of EMU and today there are fi fteen countries where the euro is legal tender. The twenty- one members of the Governing Council of the ECB make monetary policy for a region of 320 million people with a gross domestic product (GDP) of roughly €9 trillion. -
The Question of Who Succeeds Jean-Claude Trichet
Gunfight at the ECB Corral The question of who succeeds Jean-Claude Trichet. urope’s eleven-year-old monetary union is still being tested by skeptical investors and markets. It was barely saved by a €750 ($955) billion rescue plan that European Union leaders B Y K LAUS C. ENGELEN put together in May of this year. Although the immediate danger of Greece—or other eurozone member countries like Portugal or Spain— defaulting seems to have been averted, the pressure from markets to cut public deficits, stabilize banks, and reform economies remains. A look at the interest rates and insurance premia that financially Eweak eurozone countries have to pay on their new sovereign debt issues makes it clear that the crisis is not over. A year of major challenges for the sixteen-member eurozone is in store, with an uncertain outcome. For Europe’s central bankers and policymakers, one of those challenges is to rebuild confidence in the euro and its guardian, the European Central Bank. Since the ECB joined the international rescue of Greece and other financially weak nations on Europe’s southern periphery and announced that it would indef- initely accept those countries’ debt as collateral regardless of credit rating, the ECB, its President Jean-Claude Trichet, and its governing council have been con- fronted with a credibility crisis. “Trust in the ECB, as measured by the standard Eurobarometer (and other) sur- veys, has fallen to an unprecedented low—especially in the larger euro area coun- THE MAGAZINE OF tries,” concludes a major empirical study by Daniel Gros and Felix Roth of the INTERNATIONAL ECONOMIC POLICY Centre for European Policy Studies. -
Options for the ECB's Monetary Policy Strategy Review
STUDY Requested by the ECON committee Options for the ECB’s Monetary Policy Strategy Review Policy Department for Economic, Scientific and Quality of Life Policies Directorate-General for Internal Policies Authors: Yvan LENGWILER and Athanasios ORPHANIDES EN PE 652.753 - September 2020 Options for the ECB’s Monetary Policy Strategy Review Abstract The ECB is the most important institution for the success of the EMU. It started successfully but the crisis revealed weaknesses related to the incomplete nature of the EMU. The ECB was too timid in using its power, which deepened the euro crisis and led to divergences that threaten the viability of the EMU. With suitable modifications of its monetary policy strategy, and better use of the authority delegated to it, the ECB could greatly improve its success in fulfilling its mandate. This document was provided by Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON). This document was requested by the European Parliament's Committee on Economic and Monetary Affairs. AUTHORS Yvan LENGWILER, Faculty for Business and Economics, University of Basel Athanasios ORPHANIDES, Sloan School of Management, Massachusetts Institute of Technology ADMINISTRATOR RESPONSIBLE Drazen RAKIC EDITORIAL ASSISTANT Janetta CUJKOVA LINGUISTIC VERSIONS Original: EN ABOUT THE EDITOR Policy departments provide in-house and external expertise to support EP committees and other parliamentary bodies in shaping legislation and exercising -
The De Larosière Group
The de Larosière Group Jacques de Larosière Chairman Leszek Balcerowicz Otmar Issing Rainer Masera Callum Mc Carthy Lars Nyberg José Pérez Onno Ruding Secretariat of the Group David Wright, Rapporteur, DG Internal Market Matthias Mors, Secretariat, DG Economic and Financial Affairs Martin Merlin, Secretariat, DG Internal Market Laurence Houbar, Secretariat, DG Internal Market 1 TABLE OF CONTENTS AVANT-PROPOS ....................................................................................................................3 DISCLAIMER.......................................................................................................................... 5 INTRODUCTION....................................................................................................................6 CHAPTER I: CAUSES OF THE FINANCIAL CRISIS...................................................... 7 CHAPTER II: POLICY AND REGULATORY REPAIR................................................. 13 I. INTRODUCTION........................................................................................................ 13 II. THE LINK BETWEEN MACROECONOMIC AND REGULATORY POLICY .... 14 III. CORRECTING REGULATORY WEAKNESSES..................................................... 15 IV. EQUIPPING EUROPE WITH A CONSISTENT SET OF RULES............................ 27 V. CORPORATE GOVERNANCE.................................................................................. 29 VI. CRISIS MANAGEMENT AND RESOLUTION........................................................ 32 CHAPTER