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Monetary Policy beyond normalization

Author(s): Maria Demertzis

Date published: Jan 2019

SUERF Policy Note, Issue 52
By Maria Demertzis, Deputy Director, Bruegel

JEL-codes: E44, E52, E58, E61.
Keywords: Rethinking the monetary policy framework, quantitative easing, financial stability.

The paper argues that at the euro’s 20 anniversary, it is a good time for the ECB to evaluate its framework, maintain what serves its objective well and adjust parts that may not quite meet the challenges of the future. We discuss three, without being exclusive, of the issues that the ECB should consider: whether it should target financial objectives, whether there is reason to increase the inflation target, and last whether those unconventional tools applied will remain and join the more conventional tool-kit in its hands.

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SUERF Policy Note, Issue 52SUERF Policy Note, Issue 52

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