The Concrete Euro: Implementing Monetary Policy in the Euro Area - Softcover

Softcover

ISBN 10: 0198713649 ISBN 13: 9780198713647

Publisher: Oxford University Press, 2014

Synopsis

The euro area's framework for monetary policy implementation was introduced in 1999. Eleven years on, this volume examines the theoretical and historical underpinnings of the framework, how it has fared in practice, and what challenges it is likely to face in the future. The technology serving the implementation of monetary policy has historically been the exclusive preserve of a narrow group of specialists but the recent global financial crisis brought the issue into the public eye, as the supply of base money exploded while inflation risked turning into deflation. This book addresses all the aspects of monetary policy implementation, with particular emphasis on the European Central Bank and the euro, allowing a more informed assessment of a neglected, but important, aspect of economic life, and a better understanding of the exceptional developments brought about by the financial crisis. Written by the leading money market operators at the European Central Bank who were involved in creating and implementing the framework, and who are still managing monetary policy implementation at the Bank today, this book provides a rare insider account of how the framework has evolved, how it works in practice, and the challenges of monetary policy implementation going forward.

About this title

About the Author

Paul Mercier, Principal Adviser, European Central Bank,Francesco Papadia, Director General, European Central Bank

Paul Mercier is Principal Adviser at the European Central Bank (ECB) and was chairman of the taskforce that delivered the specification of the monetary policy implementation framework adopted by the ECB in 1999.


Francesco Papadia is Director General for Market Operations of the European Central Bank. He previously held a position at the Banca d'Italia and acted as an economic advisor to the EU Commission.

Edition details

• Publisher: Oxford University Press
• Publication date: 2014
• Language: English
• ISBN 10: 0198713649
• ISBN 13: 9780198713647
• Binding: Paperback
• Number of pages: 416
• Editor: Mercier Paul