This paper discusses a number of issues that the newly constituted Board of the ECB will face early on. We show how conducting a European monetary policy is very different from living under the protective umbrella of the Bundesbank. We discuss voting on the ECB Board and argue that the ability...

Despite the fact that the correlation between policy rates in the U.S. and in the euro area has been low-at least over the past three decades-long term interest rates in the two regions have been highly correlated. More recently (since the early 1990s) their levels have also converged....

This paper examines ECB monetary policy amid rising international uncertainty. We focus on three global risks: renewed trade protectionism, euro appreciation, and US fiscal fragility. Using inflation forecasts and survey data, we evaluate the ECB's evolving policy framework. A potential US...

This paper examines ECB monetary policy amid rising international uncertainty. We focus on three global risks: renewed trade protectionism, euro appreciation, and US fiscal fragility. Using inflation forecasts and survey data, we evaluate the ECB's evolving policy framework. A potential US...