Akos Valentinyi's picture
Affiliation: 
University of Manchester

Voting history

The Future of Central Bank Independence

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Question 2: Do you agree that the traditional argument that less central bank independence leads to higher inflation will (still) be relevant over the next 48 months in Western economies?

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Answer:
Agree
Confidence level:
Very confident

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Question 1: Do you agree that central bank independence in the Eurozone and the UK will decline over the next 48 months?

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Answer:
Disagree
Confidence level:
Extremely confident

German Council of Economic Experts' view of ECB policy

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Question 2: Do you agree that the ECB's monetary policy masks structural problems of member states?

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Answer:
Neither agree nor disagree
Confidence level:
Very confident
Comment:
It is not so clear how much it masks them. These structural problems are well known. The question is to what extent loose monetary policy allows the governments to postpone the costly measures which can remedy these structural problems. We do not really know as individual governments of the Eurozone would still have room for manoeuvre to postpone the required measures.

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Question 1: Do you agree that exceptionally loose monetary policy by the European Central Bank is no longer appropriate?

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Answer:
Strongly Agree
Confidence level:
Extremely confident
Comment:
The Eurozone current problems cannot be solved with monetary policy alone, and it may well have became counterproductive. One problem the euro zone faces right now is that many of its banks are undercapitalised including Deutsche Bank. Unless these banks are recapitalised in some way, it is difficult to see how credit expands and more robust growth returns to Eurozone economies. Loose monetary policy cannot fix this problem. Another problem is that the ECB asset purchases causes shortage of liquid assets in the Eurozone. This is a problem as new regulations increased the banks' demand for these assets.

German current account surpluses

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Question 2: Do you agree that the German government should increase public spending given its persistently large current account surplus and given that it is part of the Eurozone?

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Answer:
Agree
Confidence level:
Very confident

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