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...

See comments by the authors 'Addressing weak inflation: The ECBâ??s Shopping List' and comment 'Negative ECB deposit rate: But what next?' 1. Introduction There are clear benefits to price stability. High inflation can distort corporate investment decisions and the consumption behaviour of...

Prepared for the ECOFIN in Milan on 13 September 2014. See also interactive simulation to design your own EUI scheme. The issue: Unemployment in Europe has increased to high levels and economic growth has remained subdued. A debate on additional policy instruments to address the situation is...

The COVID-19 pandemic has led to the biggest global recession since the Second World War. Forecasts show the European Union underperforming economically relative to the United States and China during 2019–2023. Southern European countries have been particularly strongly affected. Some sectors...

The COVID-19 pandemic has led to the biggest global recession since the Second World War. Forecasts show the European Union underperforming economically relative to the United States and China during 2019-2023. Southern European countries have been particularly strongly affected. While the ICT...

As the global financial crisis unfolded, the European Central Bank (ECB) and other central banks greatly extended their monetary policy toolboxes and adjusted their operational frameworks. These unconventional monetary policies have left central banks with large balance sheets. As growth picks...

Since the crisis, there have been major changes in current account imbalances: whereas the global surplus was concentrated in China and oil exporters in the pre-crisis period, capital is today mainly exported from the euro area, Japan and a few other advanced economies. Moreover, although in the...

Discussions on how the ECB should reduce monetary policy accommodation as growth picks up in the euro area are gaining momentum. Given that the ECB's main interest rate instrument was constrained by the zero-lower bound, monetary accommodation has also been implemented through a number of...

Discussions on how the ECB should reduce monetary policy accommodation as growth picks up in the euro area are gaining momentum. Given that the ECB's main interest rate instrument was constrained by the zero-lower bound, monetary accommodation has also been implemented through a number of...

Decentralised ledger technology has enabled cryptocurrencies to become a new form of money that is privately-issued, digital and that permits peer-to-peer transactions. However, the current volume of transactions in such cryptocurrencies is still too small to make them serious contenders to...