In her September 2022 State of the Union address, the European Commission president Ursula von der Leyen called for windfall taxes on energy companies’ profits. She also flagged the possibility of price caps to reduce household and business bills for gas and electricity, which have soared in recent months.
Keyword: monetary policy
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With consumer prices rising at the fastest pace for three decades, we invited our US panel to express their views on the risks of prolonged higher inflation as a result of the current stance of fiscal and monetary policy, as well as the likely impact of an easing of supply bottlenecks. We asked the experts whether they agreed or disagreed with the following statements, and, if so, how strongly and with what degree of confidence:
Amid fierce public debates about the size of the Biden administration’s coronavirus protection and stimulus package, we invited our US panel to express their views on the likelihood of the economy ‘overheating’ as a result of the current stance of fiscal and monetary policy. We asked the experts whether they agreed or disagreed with the following statement, and, if so, how strongly and with what degree of confidence:
This week's European Economic Experts Panel statements:
The Bank for International Settlements defines a central bank digital currency as follows: ‘In simple terms, a central bank digital currency (CBDC) would be a digital banknote. It could be used by individuals to pay businesses, shops or each other (a 'retail CBDC'), or between financial institutions to settle trades in financial markets (a ‘wholesale CBDC').’
A) For developed countries, a central bank digital currency that is available to the public at large would offer social benefits that exceed the associated costs or risks.
B) Central banks that do not introduce their own digital money risk losing the ability to conduct effective monetary policy.
C) The introduction of a central bank digital currency is unlikely to have major effects on the economy.
This week's US Economic Experts Panel statements:
The Bank for International Settlements defines a central bank digital currency as follows: ‘In simple terms, a central bank digital currency (CBDC) would be a digital banknote. It could be used by individuals to pay businesses, shops or each other (a 'retail CBDC'), or between financial institutions to settle trades in financial markets (a ‘wholesale CBDC').’
A) For developed countries, a central bank digital currency that is available to the public at large would offer social benefits that exceed the associated costs or risks.
B) Central banks that do not introduce their own digital money risk losing the ability to conduct effective monetary policy.
C) The introduction of a central bank digital currency is unlikely to have major effects on the economy.
This week's European Economic Experts Panel statements:
A) The ECB should aim to achieve an inflation rate that averages 2% over time.
B) The ECB should take account of the environmental implications of its policy decisions.
C) The objectives set for the ECB by Treaty should make maximum sustainable employment of equal importance as price stability.
This week's US Economic Experts Panel statement:
The Fed's revised strategy to focus on employment shortfalls and a more flexible interpretation of the inflation target will make little practical difference to monetary policy outcomes over the next decade.
This week’s IGM European Economic Experts Panel statements:
A) Germany's current account surplus is undesirable even from a purely German viewpoint: the country would be better off if, for example, it ran a smaller primary surplus, in turn leading to a smaller current account surplus.
B) The Eurozone would be in better shape if fiscal policy were more expansionary, which would allow monetary policy to be slightly less so.
C) If there is a recession in the Eurozone, it will be essential to have a coordinated fiscal expansion.
This week’s IGM European Economic Experts Panel statements:
A) Under current policies on climate change, the associated physical risks (such as those arising from total seasonal rainfall and sea level changes, and increased frequency, severity, and correlation of extreme weather events) will be at most a very small factor in monetary policy decisions over the next decade.
B) The physical risks associated with climate change under current policies are likely to threaten financial stability over the next decade.
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