This paper discusses 1) the design and sequencing of exiting from unconventional monetary policy measures, which the ECB has undertaken to achieve price stability and support the euro area economy and 2) the new normal-namely, how the future operational framework of the ECB should look and to...

This paper discusses 1) the design and sequencing of exiting from unconventional monetary policy measures, which the ECB has undertaken to achieve price stability and support the euro area economy and 2) the new normal-namely, how the future operational framework of the ECB should look and to...

In the short- to medium-run, non-standard monetary policy helps to stimulate the economy and stabilize financial markets. However, it is also widely acknowledged that side effects tend to materialize in the medium- to long-run. Thus, the time dimension is a crucial factor in assessing the...

In the short- to medium-run, non-standard monetary policy helps to stimulate the economy and stabilize financial markets. However, it is also widely acknowledged that side effects tend to materialize in the medium- to long-run. Thus, the time dimension is a crucial factor in assessing the...

The notes in this compilation provide an indication of the possible economic and financial impact of Brexit on the euro-area/EU economy. Notwithstanding the potential adverse effects, Brexit could also provide an opportunity for far-reaching reform to the euro area governance. The notes have...

Confronted with a different macroeconomic and financial environment, the ECB and the Fed monetary stances seem to be more and more on diverging paths. While the Fed has stopped its quantitative easing (QE) operations and has recently decided to raise the target range for the federal funds rate,...

The notes in this compilation provide an indication of the possible economic and financial impact of Brexit on the euro-area/EU economy. Notwithstanding the potential adverse effects, Brexit could also provide an opportunity for far-reaching reform to the euro area governance. The notes have...

Confronted with a different macroeconomic and financial environment, the ECB and the Fed monetary stances seem to be more and more on diverging paths. While the Fed has stopped its quantitative easing (QE) operations and has recently decided to raise the target range for the federal funds rate,...