194 research outputs found
Market versus policy Europeanisation: has an imbalance grown over time? Bruegel Policy Contribution Issue #1 January 2020
This Policy Contribution tests the hypothesis that an imbalance has grown in Europe
over the last few decades because markets have integrated to a greater extent than Europeanlevel
policymaking, potentially creating difficulties for the democratic process in managing
the economy. This hypothesis has been put forward by several authors but not so far tested
empirically.
To evaluate the process of European market integration â or market Europeanisation â
over the last few decades, we assess intra-European trade and intra-European capital flows.
Any estimate of policy integration, or Europeanisation, meanwhile, is fraught with
difficulties and only proxies can be measured. Our preferred proxy is the number of
employees of the European institutions and agencies relative to the aggregate number of
public employees in national administrations in the European Union. The assumption is that
European public employees generate, implement and oversee European policies and thus
their relative number is a proxy for the development of European policies. An alternative
indicator of policy Europeanisation is the relative frequency of European Union news in
major national media outlets, as a proxy for the relevance to the public of European policies.
Our results show that, measured by our proxies, policy Europeanisation has developed
more rapidly than market Europeanisation, measured on the basis of both trade and capital
flows. It is however also noted that the relative number of public employees has outpaced the
relative frequency of European Union news in the media, possibly indicating a technocratic
slant in policy Europeanisation. Further research could test the robustness of our results, in
particular by using other measures of policy Europeanisation, such as the impact of European
legislation on national laws and regulations
Credit risk mitigation in central bank operations and its effects on financial markets - the case of the Eurosystem
This paper reviews the role and effects of the collateral framework which central banks, and in particular the Eurosystem, use in conducting temporary monetary policy operations. First, the paper explains the design of such a framework from the perspective of risk mitigation, which is the purpose of collateralisation. The paper argues that, by means of appropriate risk mitigation measures, the residual risk on any potentially eligible asset can be equalised and brought down to the level consistent with the risk tolerance of the central bank. Once this result has been achieved, eligibility decisions should be based on an economic cost-benefit analysis. Second, the paper looks at the effects of the collateral framework on financial markets, and in particular on spreads between eligible and ineligible assets.
Note on the interactions between payment systems and monetary policy. Bruegel Special Report, February 2018
This paper analyses the interactions between, on one hand, monetary policy and financial stability responsibilities of the ECB and, on the other hand, Post-Trading-Financial Market Infrastructures. In the author's opinion, payment Systems are critical for monetary policy while Central Counter Parties (CCPs) are critical for financial stability. However, in stressed conditions CCPs can be the source of risks also for monetary policy
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Should we care about central bank profits? Bruegel Policy Contribution Issue nË13 | September 2018
Central banks are not profit-maximising institutions; their objectives are rather of macroeconomic nature. The European Central Bankâs overriding objective is price stability. Nevertheless, there are three good reasons to conclude that it is preferable for central banks to achieve profits rather than to record losses
The single monetary policy and its decentralised implementation: An assessment - Bruegel - Monetary dialogue September 2017
While the Eurosystem has considerably improved its operational transparency in
the last few years, it is still lagging the Federal Reserve System (Fed), especially
in terms of the information it provides on operating costs and staff numbers, for
which it provides very scarce data. In addition, the available information is
scattered throughout different publications, rather than being presented in a userfriendly
fashion. Compared to the Fed, the Eurosystem seems to have higher staff
numbers and operational costs for similar tasks. Also because of the Treaty
requirement to implement monetary policy in a decentralise
Measuring macroeconomic uncertainty during the euroâs lifetime. WORKING PAPER | ISSUE 10/2022 | 20 JUNE 2022.
To measure macroeconomic uncertainty, we start from observable forecasts of macroeconomic variables, which are transformations of underlying economic conditions. By observing how forecasts change over time, we measure the flow of macroeconomic surprises. The more intense the flow of surprises, the greater uncertainty can be said to be. Greater differences among forecasts are also evidence of uncertainty.
We draw out four indicators of macroeconomic uncertainty, measured over the lifetime of the euro:
1. How the macroeconomic forecasts of a given institution for the same time period change over time;
2. How the macroeconomic forecasts of a given institution deviate from realised outcomes;
3. How the macroeconomic forecasts of different institutions deviate from one other;
4. How dispersed the forecasts of different professionals are.
We also measure whether the âstag-â or the â-flationaryâ component is stronger in the overall stagflationary shock caused by the Russian invasion of Ukraine
The euro as an international currency. Bruegel Policy Contribution Issue nË25 | December 2018
Two questions should be answered in relation to the international role of the euro: is
a more important international role for the euro worth pursuing, and what measures would
achieve this result, if it is worth pursuing? The most significant benefit for the euro area if
the euro played an increased international role would be less dependence on the dollar and
a reduced ability of the United States to pursue its political objectives, which are possibly
inconsistent with European Union objectives
PREPARING FOR UNCERTAINTY Memo to the president of the European Central Bank. Bruegel Policy Brief
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 do, while remaining
flexible in order to manage current uncertainties
and unknowns. While the ECBâs main objective
is price stability, it will also have to contribute to
the identification of, and response to, financial
imbalances, while preserving its independenc
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