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Preparing for uncertainty

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  • Grégory Claeys
  • Maria Demertzis
  • Francesco Papadia

Abstract

Monetary policy must reinvent itself in the wake of the crisis. Reinvention is particularly important because the system is riddled with uncertainties and the scope for applying both conventional and unconventional instruments is limited. The architecture of Economic and Monetary Union makes the challenge even greater because alignment of preferences and policies can only go so far. The European Central Bank will have to be clearer on what it can...

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  • Grégory Claeys & Maria Demertzis & Francesco Papadia, 2019. "Preparing for uncertainty," Policy Briefs 31539, Bruegel.
    • Handle: RePEc:bre:polbrf:31539
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    File URL: https://www.bruegel.org/wp-content/uploads/2019/07/ECBmemo2.pdf
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    Cited by:

    1. Giuseppe Grande & Adriana Grasso & Gabriele Zinna, 2019. "The effectiveness of the ECB’s asset purchases at the lower bound," Questioni di Economia e Finanza (Occasional Papers) 541, Bank of Italy, Economic Research and International Relations Area.

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