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The Future of European Monetary Integration

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  • Ewald Nowotny

Abstract

This article discusses the immediate and the longer-term future of monetary policy. It first reviews the policies adopted by central banks in the wake of the financial crisis, focusing on balance sheet policies and forward guidance, and then discusses the exit from these policies and the associated challenges. Finally, an outlook on the possible long-term design of monetary policy is provided. Copyright International Atlantic Economic Society 2014

Suggested Citation

  • Ewald Nowotny, 2014. "The Future of European Monetary Integration," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(3), pages 229-242, September.
    • Handle: RePEc:kap:atlecj:v:42:y:2014:i:3:p:229-242
    DOI: 10.1007/s11293-014-9420-8
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    References listed on IDEAS

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    1. Claudio Borio, 2011. "Central banking post-crisis: What compass for uncharted waters?," BIS Working Papers 353, Bank for International Settlements.
    2. Stephan Fahr & Roberto Motto & Massimo Rostagno & Frank Smets & Oreste Tristani, 2013. "A monetary policy strategy in good and bad times: lessons from the recent past [Inflation persistence and price-setting behavior in the euro area – a summary of the IPN evidence]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 28(74), pages 243-288.
    3. Mr. Otmar Issing, 2011. "Lessons for Monetary Policy: What Should the Consensus Be?," IMF Working Papers 2011/097, International Monetary Fund.
    4. Bank for International Settlements, 2011. "Global liquidity - concept, measurement and policy implications," CGFS Papers, Bank for International Settlements, number 45, december.
    5. Frederic S. Mishkin, 2011. "Monetary Policy Strategy: Lessons from the Crisis," NBER Working Papers 16755, National Bureau of Economic Research, Inc.
    6. Olivier Blanchard & Giovanni Dell'Ariccia & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 199-215, September.
    7. Issing, Otmar, 2011. "Lessons for monetary policy: What should the consensus be?," CFS Working Paper Series 2011/13, Center for Financial Studies (CFS).
    8. Stefan Gerlach, 2013. "Monetary Policy after the Crisis," Manchester School, University of Manchester, vol. 81, pages 16-34, September.
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    Cited by:

    1. María Cantero Sáiz & Sergio Sanfilippo Azofra & Begoña Torre Olmo, 2019. "The single supervision mechanism and contagion between bank and sovereign risk," Journal of Regulatory Economics, Springer, vol. 55(1), pages 67-106, February.
    2. Michal Jurek & Pawel Marszalek, 2015. "Policy alternatives for the relationship between ECB monetary and financial policies and new member states," Working papers wpaper112, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    3. Peter J. Boettke & Daniel J. Smith, 2016. "Evolving views on monetary policy in the thought of Hayek, Friedman, and Buchanan," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 29(4), pages 351-370, December.

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    More about this item

    Keywords

    Monetary policy; Central banks; Central bank policies; financial crisis; E50; E58;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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