ECB Quantitative Easing (QE) : what are the side effects? : monetary dialogue 15 June 2015, compilation of notes

The notes in this compilation analyse the potential side effects of the ECB expanded asset purchase programme (Quantitative Easing or QE) by focusing on the channels through which monetary policy may affect the distribution of income and wealth, e.g by favouring financial rather than labour income. The notes also discuss the potential financial/fiscal risks related to QE through its effects on the allocation of consumption and savings, in the context of an aging population. The notes prepared by key monetary experts have been requested by the Committee on Economic and Monetary Affairs (ECON) of the European Parliament as an input for the June 2015 session of the Monetary Dialogue between the members of the ECON Committee and the President of the ECB.