The European Central Bank in the age of banking union
Zsolt Darvas () and
Silvia Merler ()
Policy Contributions from Bruegel
During the crisis the European Central Bank’s roles have been greatly extended beyond its price stability mandate. In addition to the primary objective of price stability and the secondary objective of supporting EU economic policies, we identify ten new tasks related to monetary policy and financial stability. We argue that there are three main constraints on monetary policy- fiscal dominance, financial repercussions and regional divergences. By assessing the ECB’s tasks...
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Persistent link: https://EconPapers.repec.org/RePEc:bre:polcon:796
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