Le blog du CEPII
Money & Finance

Monetary policy in exceptional times

 PostJanuary 31, 2013
By Urszula Szczerbowicz
The last 5 years have been a major challenge for the theory and practice of monetary policy. The key channel of conventional monetary policy has been severely impaired and the target policy rates in some countries have approached zero.

The case for the ECB sovereign bonds purchases

 PostJuly 10, 2012
By Urszula Szczerbowicz
On Thursday July 5th the ECB decided to cut its main refinancing rate to 0.75%, for the first time crossing the historical low of 1%. More importantly, it reduced the overnight deposit facility rate to 0%. In doing so, the ECB encouraged banks to transform the liquidity received via two 3-year LTROs into credit to companies and households, instead of keeping it at the ECB deposit facility.

The international monetary system needs the euro

 PostJanuary 12, 2012
By Agnès Bénassy-Quéré
With the survival of the euro area at stake, and the reform of the international monetary system no longer a priority of the G20 presidency, it may seem strange to call for an increased international role of the euro.

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