% and the new strategy with a 2% point target. Participants who learn about the inherent asymmetry in the ECB’s reaction to … inflation currently running above target, however, participants do not in turn expect an undershooting of medium-term inflation. …

respondents make little difference between the previous strategy of targeting inflation rates close to but below 2% and the new … place a significantly higher probability on outcomes above 2% in the medium term. Participants do not expect an …

standard practice. The maintenance of a stable financial and payments system, however. is not an explicit objective of the ECB …A European central banking institution will be an essential feature of the final stage of the European Economic and … Central Banks and of the European Central Bank. The draft Statute mandates the maintenance of price stability as the explicit …

. The currency enjoys high levels of trust and is not challenged by the emergence of private currencies, such as Bitcoin, or … opted to go this way. In the euro area, consumers have multiple payment options and a very efficient retail payments system … be very different from the current system, as most settlements today are done via the dollar (and then the euro …

Die Europäische Zentralbank ist in den vergangenen anderthalb Jahren zunehmend in die Kritik geraten, und zwar aus zwei … instability in the euro area. A loss of confidence can trigger a vicious circle of rising interest rates, low growth and further … confidence loss as banks and government finances are adversely affected. The skewed refinancing positions of banks in the euro …

's two main contributions are, first, to shed light on non-financial firms' decisions on leverage, and how the ECB …'s conventional and unconventional policies may have affected them. Second, the paper also examines how these policies influenced non …-financial firms decisions on capital allocation – primarily capital spending and shareholder distribution (for example, dividends and …

recourse to central bank finance is rather limited and does not affect the risk-taking behaviour of banks in a non … for euro area sovereign bonds. … high-yielding periphery bonds in the period from Q1 2008 to Q2 2011. This investment strategy is pursued by banks not …

bedeuten sie konkret? Wie funktioniert eine Währungsunion und welche Probleme bringt sie mit sich? Wie kam es zur Euro …Euro-Krise, EZB, Währungsunion, Rettungsschirm. Begriffe wie diese begegnen Ihnen täglich in den Medien. Doch was … erklären den Euro und die Euro-Krise fundiert und wunderbar verständlich. So können Sie sich in Zukunft selbst ein Bild von der …

spectrum and trustees on the other. Secondly, this scale is applied to the ECB's tasks delegated by the European Stability … Mechanism (ESM). This paper argues that a divergence exists between the ECB's role according to the ESM Treaty (an agent), and … the politics of post-delegation (a trustee). This is problematic as the control mechanisms are not aligned with the ECB …