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Central banking beyond inflation

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  • Braun, Benjamin

Abstract

The world around central banks has shifted. Europe is confronting an unprecedented combination of environmental, economic, and social challenges. Reducing carbon emissions to zero fast enough to avoid catastrophic global warming is difficult; doing so while also reducing economic inequality so as to avert social disintegration and democratic backsliding is very difficult. Addressing this twin challenge will require the state – and the European Union – to deploy all economic policy instruments already at its disposal, and to develop new ones and coordinate their use in new ways. The paper proceeds in three steps. The first section discusses three distinct challenges – legal, political, and ideational – for the debate on the future of central banking. The remainder of the paper will tackle the two main ideational challenges, namely, institutional amnesia (forgetting past realities of central banking) and strategic ignorance (ignoring present realities of central banking). To overcome institutional amnesia, the second section briefly reviews the history of central banking, showing that the price stability is only one of several goals that central banking has, historically, been associated with. To overcome strategic ignorance, the third section reviews three mandate-remote, or ‘extracurricular’ areas of recent ECB activity.

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  • Braun, Benjamin, 2021. "Central banking beyond inflation," SocArXiv 3skmx, Center for Open Science.
    • Handle: RePEc:osf:socarx:3skmx
    DOI: 10.31219/osf.io/3skmx
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    References listed on IDEAS

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    1. Baccaro, Lucio & Rei, Diego, 2007. "Institutional Determinants of Unemployment in OECD Countries: Does the Deregulatory View Hold Water?," International Organization, Cambridge University Press, vol. 61(3), pages 527-569, July.
    2. Ban, Cornel, 2016. "Ruling Ideas: How Global Neoliberalism Goes Local," OUP Catalogue, Oxford University Press, number 9780190600396.
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    1. Osvald Vasicek & Natalie Uhrova & Lenka Dimitriou Janickova & Tomas Wroblowsky & Boris Navratil, 2023. "Central Bank Independence: Where Do We Stand?," Economies, MDPI, vol. 11(4), pages 1-15, April.

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