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politique monétaire

  • Lundi 30/5/2022

    This is the speech given by Philip R. Lane, Member of the Executive Board of the ECB, at Bruegel (Brussels, 5 May 2022).

     

     

  • Lundi 11/10/2021
    National Bank of Belgium

    Since the outbreak and global spread of COVID-19, central banks and governments worldwide have provided massive stimulus to the economy. Looking ahead, however, the question rises whether monetary policy by central banks and fiscal policy by governments will be able to respond with the same vigour and effectiveness to future crises, given structurally low interest rates and higher government debt. This article takes a closer look at the different options to build back fiscal buffers. Do countries need forceful consolidation, can countries grow out of debt or should central banks simply cancel the debts? The analysis is two-fold. The first part empirically assesses the potential of some traditional avenues to bring public debt dynamics in Belgium under control. The second part is more conceptual, critically evaluating the rather heterodox proposal of cancelling government debt on the central bank balance sheet.

  • Jeudi 14/1/2021
    Bartsch, Boivin & Hildebrand

    The macroeconomic policy revolution accelerated by Covid-19 implies that central bank policy rates and nominal bonds yields will be less responsive to rising inflation pressures over the medium-term. The potential for higher consumer price inflation over the medium-term is still underappreciated, we think, because the new central bank policy frameworks and global cost pressures are not fully reflected in private sector inflation expectations. Neither is the shift towards a closer coordination between monetary and fiscal policy. Combined with the fact that bond yields remain close to their effective lower bound and that authorities need to rely to a greater extent on fiscal policy, the role of government bonds in investment portfolios as a hedge against risk-off events such as the one in March 2020 is increasingly challenged. In contrast to past inflation episodes, less-responsive nominal interest rates and bonds yields mean that government bonds are also becoming less effective as store of value. 

  • Jeudi 5/11/2020
    Boekx / Deroose / Vincent

    In early 2020, COVID-19 sent financial markets into turmoil, while lockdown measures resulted in large and sudden economic losses. In response, governments, financial supervisors and central banks around the world quickly took unprecedented measures. This article focuses on the initial actions taken by the ECB. Sizeable asset purchases, including though a new Pandemic Emergency Purchase Programme, stabilised financial markets. The ECB also gave banks easier access to long-term central bank funding, while simultaneously easing its collateral requirements. That way, banks were able to satisfy euro area firms’ record demand for credit. However, the challenges ahead are manifold. While current conditions allow for a temporary shift towards expansionary fiscal policy, governments should be prepared for scenarios where borrowing costs rise. Otherwise, debt sustainability considerations will interfere with the conduct of monetary policy.

  • Mercredi 6/5/2020
    Katrin Assenmacher

    Monetary policy implications of three different forms of digital money – cryptocurrencies, stablecoins and central bank digital currency (CBDC) – are discussed. Because of their limited adoption and lack of moneyness, cryptocurrencies are unlikely to constrain monetary policy in the foreseeable future. Stablecoins, by contrast, could reach a critical size, in particular if they were sponsored by large companies with a sizeable potential user base. CBDC would constitute a digital representation of the official currency that is accessible to everybody and could entail material consequences for monetary policy and financial stability. At the current stage, central bankers mostly feel that a convincing monetary policy motivation is missing or are concerned about the disruptive potential for financial stability. As digitalisation of payments is evolving quickly, the assessment of costs and benefits associated with CBDC may change in the future.

  • Mercredi 1/2/2017
    Peter Praet

    Speech by Peter Praet, Member of the Executive Board of the ECB, at ECMI Annual Conference, Brussels, 9 November 2016