Monetary dialogue 2009 - 2014: Looking backward, looking forward

Arbeitspapier

This paper comments on the role of the Monetary Dialogue in the context of an evolving monetary policy. The discussion is conducted in terms of the adoption of forward guidance on interest rates by the European Central Bank (ECB), the ECB's model choice and data revision policies in inflation forecasts, its membership in the Troika, its activities as a financial supervisor, as well as regards its bond purchasing activities and the implication for ECB monetary policy stemming from Fed's envisaged exit from unconventional monetary policies. This paper also assesses on a case-by-case basis the actual exchange of information between the European Parliament (EP) and the ECB. We argue that the new ECB supervisory role has made the Monetary Dialogue exercise even more important 'now' than in 'normal' times. Still, we suggest changes, both procedural as well as regarding its focus range, to make it even more effective. In our view, the transparency/accountability issue represented by a Supervisory Board 'hosted' by ECB needs to be addressed. A crucial challenge for the Monetary Dialogue is also to assess the optimal degree of ECB transparency and accountability towards the EP, the key democratic institution.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ROME Discussion Paper Series ; No. 14-02

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Monetary Policy ; Central Banks and Their Policies
• Thema: accountability ; European Parliament ; forward guidance ; Monetary Dialogue ; transparency

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Belke, Ansgar
• Ereignis: Veröffentlichung
• (wer): Research On Money in the Economy (ROME)
• (wo): s.l.
• (wann): 2014

Weitere Informationen

• Handle: http://hdl.handle.net/10419/98657
• Letzte Aktualisierung: 20.09.2024, 08:22 MESZ