The construction of the euro area left aside the question of a fiscal union, but the crisis re-opened the debate. Of the three classical functions of fiscal policy – provision of public goods, redistribution and stabilisation – only the last provides a clear justification for fiscal policy...

The economic governance of the European Monetary Union is yearly organized during the so-called European Semester. The improvement of the European Semester is an ongoing process, and some recent propositions must be positively acknowledged. Still, the European Semester and Country Specific...

The economic governance of the European Monetary Union is yearly organized during the so-called European Semester. The improvement of the European Semester is an ongoing process, and some recent propositions must be positively acknowledged. Still, the European Semester and Country Specific...

Over the past 25 years, the euro faced various crises, prompting a reassessment of its governance. Concerns arise regarding the ECB's exposure to risk and the necessity of deep reforms for managing growing ecological, financial, and geo-economic risks. Despite initial achievements like the...

In the current monetary policy framework, the ECB (as most central banks) set a target for the annual inflation rate as a nominal anchor to maintain price stability. The ECB inflation rate is defined as the year-on-year percentage change of the harmonised index of consumer prices. Nominal GDP...

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...