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Five years of the ECB - a mixed experience

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  • Gustav Horn

    (Head of the Department of Macroeconomic Analysis and Forecasting, German Institute for Economic Research, Berlin)

Abstract

This article examines the performance of the ECB's monetary policy. It concludes that the ECB has performed well as regards its primary goal of keeping inflation under control. However, as long as price stability is not threatened the ECB can and should contribute to growth. Here, however, after a good start, the ECB's performance has been disappointing. This article argues that greater coordination between wage and monetary policies is required: if the ECB were to take account of stability-oriented national wage formation policies, then it could pursue a monetary policy that promoted growth without putting in jeopardy price stability.

Suggested Citation

  • Gustav Horn, 2003. "Five years of the ECB - a mixed experience," Transfer: European Review of Labour and Research, , vol. 9(4), pages 633-645, November.
    • Handle: RePEc:sae:treure:v:9:y:2003:i:4:p:633-645
    DOI: 10.1177/102425890300900408
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    References listed on IDEAS

    as
    1. Camille Logeay & Silke Tober, 2003. "Time-varying Nairu and Real Interest Rates in the Euro Area," Discussion Papers of DIW Berlin 351, DIW Berlin, German Institute for Economic Research.
    2. Castelnuovo, Efrem & Rodriguez-Palenzuela, Diego & Nicoletti Altimari, Sergio, 2003. "Definition of price stability, range and point inflation targets: the anchoring of long-term inflation expectations," Working Paper Series 273, European Central Bank.
    3. Claus Brand & Hans-Eggert Reimers & Franz Seitz, 2003. "Narrow Money and the Business Cycle: Theoretical aspects and euro area evdence," Macroeconomics 0303012, University Library of Munich, Germany.
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