Challenges for the ECB in times of deflation

Francesco Saraceno

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Challenges for the ECB in times of deflation

Francesco Saraceno

Employment working paper, no. 183, ILO

2015

Abstract

monetary policy

economic recession

deflation

banking

impact evaluation

fiscal policy

EMU

This paper highlights how European Monetary Union (EMU) governance, as designed by the Maastricht Treaty and subsequent modifications, is unfit to deliver sound and effective macroeconomic management that is conducive to sustained and sustainable economic prosperity for all Europeans.

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Title: Challenges for the ECB in times of deflation
Creators: Francesco Saraceno
Contributors: International Labour Organization. Employment Policy Department.
Publisher: ILO; Geneva
Date published: 2015
Series: Employment working paper; no. 183
Number of pages: viii, 21 p. :statistics
ISSN: 1999-2939.
Language: English
Asset Type: working paper
Record Identifier: 995218742702676
Table of contents: Introduction -- 2014: annus horribilis -- The ECB mandate and the Berlin-Brussels consensus -- ECB action during the crisis -- Towards effective macroeconomic governance: the ECB mandate and a modified golden rule for the Eurozone.