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 – or market Europeanisation – 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

Panel Presentation "A New Epoch in Central Banking?"

2015年6月16日 於:早稲田大学国際会議場 井深大記念ホー

Should we care about central bank profits? Bruegel Policy Contribution Issue n˚13 | September 2018

Central banks are not profit-maximising institutions; their objectives are rather of macroeconomic nature. The European Central Bank’s 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 euro’s 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 ‘stag-‘ or the ‘-flationary’ 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 n˚25 | 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 ECB’s main objective is price stability, it will also have to contribute to the identification of, and response to, financial imbalances, while preserving its independenc

Gastric cancer and Roux-en-Y gastric bypass.

Incidence of gastric cancer after Roux-en-Y gastric bypass