EconPapers    
Economics at your fingertips  
 

Monetary Dialogue 2009-2014: Looking backward, looking forward

Ansgar Belke ()

No 201402, ROME Working Papers from ROME Network

Abstract: This paper comments on the role of the Monetary Dialogue in the context of an evolving monetary policy. The discussion is conducted in terms of the adoption of forward guidance on interest rates by the European Central Bank (ECB), the ECB’s model choice and data revision policies in inflation forecasts, its membership in the Troika, its activities as a financial supervisor, as well as regards its bond purchasing activities and the implication for ECB monetary policy stemming from Fed’s envisaged exit from unconventional monetary policies. This paper also assesses on a case-by-case basis the actual exchange of information between the European Parliament (EP) and the ECB. We argue that the new ECB supervisory role has made the Monetary Dialogue exercise even more important "now" than in “normal” times. Still, we suggest changes, both procedural as well as regarding its focus range, to make it even more effective. In our view, the transparency/accountability issue represented by a Supervisory Board 'hosted' by ECB needs to be addressed. A crucial challenge for the Monetary Dialogue is also to assess the optimal degree of ECB transparency and accountability towards the EP, the key democratic institution.

Keywords: accountability; European Parliament; forward guidance; Monetary Dialogue; transparency. (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
Date: 2014-04
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed

Downloads: (external link)
http://www.rome-net.org/RePEc/rmn/wpaper/rome-wp-2014-02.pdf First version, 2014 (application/pdf)

Related works:
Journal Article: Monetary dialogue 2009–2014: Looking backward, looking forward (2014) Downloads
Working Paper: Monetary Dialogue 2009-2014 – Looking Backward, Looking Forward (2014) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rmn:wpaper:201402

Access Statistics for this paper

More papers in ROME Working Papers from ROME Network
Bibliographic data for series maintained by Albrecht F. Michler ().

 
Page updated 2019-08-17
Handle: RePEc:rmn:wpaper:201402