Del i serien The Elgar Series on Central Banking and Monetary Policy

Central Banking, Monetary Policy, and the European Central Bank

Coping with the Challenges

Inbunden, Engelska, 2025

AvEmanuele Citera,Lino Sau,Domenica Tropeano

2 199 kr

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This book sheds light on the incoming challenges facing the European Central Bank (ECB) through a post-Keynesian lens. With contributions from expert global scholars and practitioners, it provides novel perspectives on the monetary and financial theory underlying the conduct of the ECB.Divided into three main parts, chapters cover the theoretical foundations of central banking theory, the threats of climate change and its impact on monetary policy, and the roles of public banks and the interbank market. They critically analyze the ECB’s focus on price stability as well as its inflation-targeting regime, before considering whether its independence and mandate should be reviewed in light of current climate realities. The book draws on quantitative data to examine the interactions between carbon emissions, output, and green and brown systems, and concludes by evaluating the possibility of reforming the TARGET2 system to convert the ECB into an international settlement institution.Presenting cutting-edge insights and innovative solutions to the imminent challenges confronting the ECB, this book is an essential resource for students and scholars of economics, political economy, and money and banking. Its investigation of current and future policy issues will also greatly benefit practitioners and policymakers in these fields.

Produktinformation

Utgivningsdatum2025-09-19
Mått156 x 234 x undefined mm
FormatInbunden
SpråkEngelska
SerieThe Elgar Series on Central Banking and Monetary Policy
FörlagEdward Elgar Publishing Ltd
ISBN9781035324262

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ContentsPreface xivPART I Theoretical issues1 Is the ECB well-equipped to deal with upcoming financialinstability and crises? 2Lino Sau, Emanuele Citera and Domenica Tropeano2 Inflation is not a monetary phenomenon: A critical analysis ofthe theoretical model that inspires the European Central Bank 20Giancarlo Bertocco and Andrea Kalajzić3 Liquidity and solvency of national government in theEurozone and the role of the ECB 57Klaus Diekmann, Dirk Ehnts and Leon HeckmannPART II Climate change and monetary policy4 Climate change, carbon prices, and the role of the ECB’smonetary policy 79Olimpia Fontana5 Economic policy and climate change: Current practices andchallenges for the ECB 100Ettore Gallo and João Paulo Braga6 After the crises and in front of climate change: Should theindependence and mandate of the ECB be reviewed? 121Etienne FarvaquePART III Banking and interbank market7 Transforming the European Central Bank into aninternational settlement institution: The Keynes Plan revisited 136Sergio Rossi8 The limits of mainstream monetary policy and a proposal forpublic banks 150Riccardo Zolea9 A rollover-based source of the European fragmentation 167Jessica Reale

‘The ECB has long been criticized for institutionalizing supply-side macroeconomics, a limited perspective on inflation drivers, and a ‘fair weather’ view of the relationship between monetary union and fiscal policy. It now faces new challenges in the form of the climate crisis and potential disruptions to the payments system. Central Banking, Monetary Policy, and the European Central Bank addresses these issues in a series of thoughtful and constructive essays that, together, offer hope for a brighter future for Europe at a critical moment in its history.’