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The European Central Bank in the age of banking union

Zsolt Darvas () and Silvia Merler ()

Policy Contributions from Bruegel

Abstract: 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...

Date: 2013-10
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eec and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:bre:polcon:796

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