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The topic of coordination between monetary and fiscal policy has become the focus of policy discussion in recent years (Draghi 2014, Lagarde 2020, Schnabel 2021). One reason is that there is limited space for traditional monetary policy based on steering the short-term interest rate when the latter is at (or close to) the effective lower bound (ELB). Many recent papers have advocated mechanisms to implement a coherent a monetary-fiscal policy mix (see, for example, the policy report by Barsch et al. 2021). Empirically, there is limited knowledge about how the combination of monetary and fisca...
Marco Buti, George Papaconstantinou 23 April 2021 Most of the discussion on the economic policy response to the pandemic in Europe has centred on its ambition, tools, and institutional characteristics. Less discussion has taken place on the factors shaping EU integration and economic policy priorities after the pandemic. In a new CEPR Policy Insight, the authors argue that four sets of issues will be important in shaping the legacy of the pandemic for European integration: redefining the new boundaries between state and market; revisiting the nature of subsidiarity; reconnecting the EU...
Arnoud Boot, Elena Carletti, Hans‐Helmut Kotz, Jan Pieter Krahnen, Loriana Pelizzon, Marti Subrahmanyam In the early stages of the Covid-19 crisis, concerns emerged over potential divergence in the euro area (e.g. Boot et al. 2020). These concerns were valid given the unprecedented scale and asymmetric impact of the shock. These concerns were also aggravated by the initial situation of the euro area, with potentially destabilising imbalances between ‘core’ and ‘periphery’ countries. Calls for coordinated responses – in particular on the fiscal front – appeared quickly (Baldwin...
Elga Bartsch, Agnès Bénassy-Quéré, Giancarlo Corsetti, Xavier Debrun 15 December 2020 When the COVID-19 crisis hit, neither monetary easing nor fiscal support alone was sufficient to buffer the shock. Monetary and fiscal authorities had to join forces to deliver the required macroeconomic backing, blurring the traditional boundaries between monetary and fiscal interventions. While some interpret these developments as the end of a decades-old consensus on the respective roles of central banks and treasuries, others see a stress test calling for the existing paradigm to adapt. Puttin...