The latest thinking of European macroeconomists

The Future of Central Bank Independence

Summary

The December 2016 expert survey of the Centre for Macroeconomics (CFM) and the Centre for Economic Policy Research (CEPR) invited views on whether the era of central bank independence is drawing to a close, particularly in Europe. When asked whether there will be significant changes in the independence of monetary policy in the UK and the Eurozone in the foreseeable future, only 31 of the 70 respondents disagreed with this statement.

German Council of Economic Experts' view of ECB policy

Summary

The November 2016 expert survey of the Centre for Macroeconomics (CFM) and the Centre for Economic Policy Research (CEPR) invited views on a recent report by the German Council of Economic Experts (Sachverständigenrat), which argues that the current monetary policy of the European Central Bank (ECB) is no longer appropriate and that it is masking structural problems in Eurozone countries.

German current account surpluses

Summary

The October 2016 expert survey of the Centre for Macroeconomics (CFM) and the Centre for Economic Policy Research (CEPR) invited views on Germany’s trade surplus, its impact on the Eurozone economy and the appropriate response of German fiscal policy. More than two-thirds of the 67 respondents agree with the proposition that German current account surpluses are a threat to the Eurozone economy. A slightly smaller majority believe that the German government ought to increase public investment in response to the surpluses.