Amid the growing uncertainty of the global economic scenario, stemming from the potential escalation of tariff increases initiated by the US, the main central banks have launched a crystal-clear message this week: monetary policies are entering a new phase.
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The ECB removed the easing bias on the Asset Purchase Programme. Macro projections remained mostly unchanged. Protectionism (re)emerges as a downside risk.
Unconventional measures taken by the ECB and the combination of several events on multiple fronts are contributing, in a very gradual way, to the pushing up of inflation, although it is a long way from getting back to the ECB’s target. Once the…
Since the outbreak of the global financial crisis, and in response to the subsequent European debt crisis, the European Central Bank (ECB) has adopted various measures to stabilise the economy and to aim at achieving its ultimate goal: price st…
The ECB left its forward guidance communication unchanged. Renewed concerns over exchange rate volatility. “Very few chances” of a rate hike this year.
There was no discussion on any change in the QE recalibration. The ECB seems more confident on the economic expansion. Significant upward revision of staff’s growth forecasts.
In October economists Olivier Blanchard and Larry Summers coordinated a conference on “Rethinking macroeconomic policy”, a debating forum on the challenges posed for economic policy by the new environment of low levels of inflation and interest rates combined with slow growth in productivity and increasing inequality.
The ECB has opted for an alternative way to taper QE, downsizing monthly purchases to 30 bn euros. The Asset Purchase Programme remains open-ended, extended until September 2018 or beyond. The size of the ECB’s balance sheet and forward guidanc…