Albert Marcet's picture
Affiliation: 
Institut d’Analisi Economica, CSIC
Credentials: 
Professor of Economics

Voting history

Juncker's State of the Union Address

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Question 2: Do you agree that the euro has had more benefits than costs?

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Answer:
Agree
Confidence level:
Very confident
Comment:
The design of the institutions around the euro can obviously improve, but overall it has had many beneficial effects. The euro has promoted integration of EU countries economies. It has given monetary discipline to countries that used to have chaotic monetary environments. It has given low interest rates to fund cheaply investment and some large public debts. The ECB has been one of the few European-wide institutions acting with Europe in mind during the crisis.

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Question 1; Do you agree that euro membership should be compulsory for all EU member states?

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Answer:
Disagree
Confidence level:
Confident
Comment:
It has been clear that some members of EMU have not had fiscal policies conducive to the stability of the euro. As long as euro member countries have almost complete fiscal independence it is not a good idea to integrate all EU members in the EMU.

The Future of Central Bank Independence

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Question 3: More generally, do you agree that it is desirable to maintain central bank independence? Again focus on the near future, say next 48 months.

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Answer:
Agree
Confidence level:
Confident

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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:
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:
Neither agree nor disagree
Confidence level:
Confident
Comment:
Although there are some complaints about central banks actions they are often contradictory. Many Germans complain because the ECB is too expansionary, Trump backers complain that the Fed is not sufficiently expansionary. It is clear that central banks have reacted to the crisis in a way that it has avoided a deeper problem. Because of the crisis all institutions are in question, including central banks, but I doubt a clear constituency against their current role will emerge. But then, so many weird things have been having in politics that who knows.