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Setting New Priorities for the ECB’s Mandate

Author

Listed:
  • Christophe Blot

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Jérôme Creel

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Emmanuelle Faure

    (LADYSS - Laboratoire Dynamiques Sociales et Recomposition des Espaces - UP1 - Université Paris 1 Panthéon-Sorbonne - UP8 - Université Paris 8 Vincennes-Saint-Denis - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité, Station d'économie et de sociologie rurales de paris - INRA - Institut National de la Recherche Agronomique)

  • Paul Hubert

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

Beyond price stability, the EU Treaties assign to the ECB a range of secondary objectives. We investigate the linkages between price stability and these objectives to assess whether they are independent, complementary or substitutable, which is important to refine the definition of the mandate. Keeping the current mandate would not provide leeway for the ECB to reach other objectives. We propose to broaden the mandate to include employment and financial stability. Enhanced coordination should contribute to fulfilling the objectives. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs.

Suggested Citation

  • Christophe Blot & Jérôme Creel & Emmanuelle Faure & Paul Hubert, 2020. "Setting New Priorities for the ECB’s Mandate," SciencePo Working papers Main hal-03389186, HAL.
    • Handle: RePEc:hal:spmain:hal-03389186
    DOI: 10.2861/951157
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03389186
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    as
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    Cited by:

    1. Christophe Blot & Jérôme Creel & Paul Hubert, 2020. "APP vs PEPP: Similar, But With Different Rationales," Sciences Po publications info:hdl:2441/7s4nvss9v08, Sciences Po.
    2. Jens van ‘t Klooster & Nik de Boer, 2023. "What to Do with the ECB's Secondary Mandate," Journal of Common Market Studies, Wiley Blackwell, vol. 61(3), pages 730-746, May.
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