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CEPS Project

The Two-pillar Strategy of the ECB

Ready for a Review

Unit Involved

Economic Policy

01 September 2019 / 30 September 2019

The Economic and Monetary Affairs (ECON) Committee ordered a Briefing Paper to CEPS on “Task Ahead: Review of the ECB’s Monetary Policy Strategy”.
Inflation has remained below the ECB’s own target of ‘below, but close to 2%’ for a long time despite massive doses of unconventional policies, suggesting that the present ‘two pillar’ strategy does not work. A review of the strategy will be useful only if it is entrusted to independent experts. Otherwise, it is likely to result in the finding that only marginal changes to the existing strategy are needed and that larger doses of the present policy will be sufficient to achieve the inflation target.

This project was awarded under the Framework Service Contract for the provision of external expertise in the field of monetary and economic affairs (Monetary dialogues) (IP/A/ECONMD/FWC/2014-026/C6) with the European Parliament. The full list of CEPS’ Framework Contracts is available here.

CEPS Project

Project Details

Economic Policy


The Two-pillar Strategy of the ECB

Ready for a Review

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This project was funded by the European Parliament.
Contact
Daniel Gros Daniel Gros
Daniel Gros
+32 (0)2 229 39 38
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Publications

Here are the publications published for this project