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The European Central Bank in the COVID-19 crisis: whatever it takes, within its mandate

Posted On: May 20, 2020   |   Posted By: Bruegel

This Policy Contribution was prepared for the European Parliament's Committee on Economic and Monetary Affairs , as an input to the Monetary Dialogue of 8 June 2020 between ECON and the President of the European Central Bank. The original paper is available on the European Parliament's webpage. Copyright remains with the European Parliament at all times. The author is grateful to Agnès Bénassy-Quéré, Maria Demertzis, Francesco Papadia, Stavros Zenios, Nicolas Véron and Guntram Wolff for their comments and suggestions, as well as Aliénor Cameron for her excellent research assistance.
Central banks have taken drastic steps to keep their economies afloat during the COVID-19 lockdowns. In the euro-area, the European Central Bank has eased significantly the conditions of its refinancing operations and has announced a new asset purchase programme. This response has triggered fears of a significant increase in inflation, and concerns about whether the ECB measures are compatible with its...

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