The ECB’s opacity, lack of open debate and refusal to decide by voting bear at least some responsibility in the declining support for the euro. This makes the ECB an easy target for politicians looking for scapegoats. For the good of the Euro-area citizens, the ECB ought to change its ways.
Charles Wyplosz, 21 July 2007
Francesco Giavazzi, 19 June 2007
Sarkozy repeatedly criticised the European Central Bank during the campaign; his intuition was correct but his aim was off. By forcing the ECB to be more transparent and accountable, he would contribute to improving monetary policy in Europe.
Michael Woodford, 26 March 2007
Should money supply play a role in monetary policy-making? The author of CEPR DP6211 reviews the pros and cons and finds that there are no compelling reasons to assign a prominent role to monetary aggregates in monetary policy-making. The goals of the ECB's two-pillar strategy - which includes a role for money - are praiseworthy; the author believes that ECB justifications for looking at monetary aggregates provide little support for this approach.
Olivier Blanchard, Francesco Giavazzi, 01 December 2005
Written in December 2005: No central bank, not even the ECB can focus exclusively on inflation. Adopting policy that allows it to consider economic activity would require the ECB to articulate its rationale with great care, but its British and American counterparts show how. Credibility does not require dogmatism, but rather clarity of purpose.