 Complexity, Uncertainty, and Monetary Policy: Can the ECB Avoid the Unconventional Becoming the ‘New Normal’?The Economists' Voice, 2019, vol. 16, issue 1, 13 Abstract: Worries about Italy and the unresolved issue of euro governance – coupled with uncertainty surrounding Brexit – means that the European Central Bank (ECB) may already be facing its next crisis in the euro area. Unfortunately, the ECB is still fighting the last war, deploying the tools of unconventional monetary policy to address lingering problems while unable institutionally to address needed structural change. This paper looks at the ECB as an institution amongst institutions and shows how even more unconventional approaches will not help to bolster the economy of the euro area. Indeed, given the complexity of money, the effects of expectations, and continued uncertainty, expanding the ECB’s unconventional arsenal is likely to have deleterious consequences across Europe. Keywords: complexity; euro; European Central Bank; monetary policy (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bpj:evoice:v:16:y:2019:i:1:p:13:n:8 Ordering information: This journal article can be ordered from DOI: 10.1515/ev-2019-0021 Access Statistics for this article The Economists' Voice is currently edited by Michael Cragg, Dwight Jaffee and Joseph Stiglitz More articles in The Economists' Voice from De Gruyter |
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