"When we discuss the transmission channels of geopolitical shocks, we must also recognise a structural vulnerability in Europe: our continued reliance on imported fossil fuels. This affects both our resilience to shocks & our competitiveness"
Good speech by @ollirehn.suomenpankki.fi
#ECBwatchers
#ECBWatchers sitting right outside…
The ECB’s response to the current energy price shock will be rooted in our monetary policy strategy which is well equipped to help us navigate it.
That was my message at the #ECBWatchers conference.
Read my speech www.ecb.europa.eu/press/key/da...
Great to be at this year’s #ecbwatchers conference, and thanks to host Volker Wieland to mention EGOV studies for @europarl.europa.eu in the opening address.
All EGOV studies are on LinkedIN and the website of the European Parliament’s Committee on Economic and Monetary Affairs (ECON).
Is ‘less’ indeed ‘more’ in #centralbank #communication? Quite possibly so – when the @ecb.europa.eu communicates with #financialmarkets. This year's #ecbwatchers conference remains a place for “intellectual curiosity to challenge conventional wisdom”, as noted by @president.ecb.europa.eu Lagarde.
R bar vs. R star, the natural rate is fundamentally different from the neutral rate - Maurice Obstfeld + reforms a la Draghi, time has come? #ecbwatchers
Balance sheet would be close to 4 trillion, rather than 1 trln. Real need to discuss the design of Operational framework with ongoing @ecb.europa.eu strategy review #ECBwatchers
@positivemoneyeu.bsky.social wrote a paper on this @jordischroeder.bsky.social
www.datocms-assets.com/132494/17212...
5 lessons on QE:
1.QE can be complement&substitute for IR policy
2.QE macro effect more uncertain than IR, but duration extraction effect significant.
3.Few channels-signaling, liquidity provision..
Good 2have more tools, don't ditch them
Refreshing points by Lucrezia Reichlin #ecbwatchers
There are two types of people at the #ecbwatchers conference. Those that take photos with their phones horizontal and those keeping them vertical.
In my speech at the #ECBwatchers conference, I looked at
🔹how the environment in which we are operating is changing
🔹what these changes imply for our reaction function
🔹and what they imply for our policy communication.
Read my speech www.ecb.europa.eu/press/key/da...
“Annual revision of #ECB staff projections” is needed when expectations are “so persistently missed” on improving transparency by Petra Geraats #ecbwatchers conference
GreenTLTRO asked at the #ECBWatchers conference 🌱@jvtklooster @RensvanTilburg @PositiveMoneyEU @stanjourdan @SFL_nl
