Euro-area inflation has been below 1 percent since October 2013, and medium-term inflation expectations are well below 2 percent. Forecasts of the return to target inflation have proved wrong. The European Central Bank should act forcefully, but should undermine neither the major relative price...

The notes in this compilation by key monetary experts discuss the main financial stability threats of unconventional monetary policies in an environment of low interests rates and the interrelation between financial stability and monetary policy at the current juncture. The notes have been...

The notes in this compilation by key monetary experts discuss the main financial stability threats of unconventional monetary policies in an environment of low interests rates and the interrelation between financial stability and monetary policy at the current juncture. The notes have been...

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...

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...

The papers of this compilation, prepared for the December 2013 session of the Monetary Dialogue, comment on various economic aspects regarding the balance sheets of EU banks supervised by the SSM, how can a sufficient re-capitalisation of the European Banking system be ensured most effectively,...

The ECB has played and will continue to play an important role in granting financial assistance to the so called programme countries. Together with the Commission and the IMF, the ECB is not only part of the 'troika' reviewing the progress made by the countries supported, but also, the...

The ECB has played and will continue to play an important role in granting financial assistance to the so called programme countries. Together with the Commission and the IMF, the ECB is not only part of the 'troika' reviewing the progress made by the countries supported, but also, the...

Estimates of the recapitalisation needs of the euro-area banking system vary between €50 and €600 billion. The range shows the considerable uncertainty about the quality of banks' balance sheets and about the parameters of the forthcoming European Central Bank stress tests, including the...