Cédric Tille's picture
Affiliation: 
The Graduate Institute, Geneva
Credentials: 
Professor of Economics

Voting history

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:
Strongly agree
Confidence level:
Extremely 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:
Neither agree nor disagree
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:
Disagree
Confidence level:
Confident
Comment:
Any change in independence would not materiallize so quickly.

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:
Strongly disagree
Confidence level:
Very confident
Comment:
A less accomodative policy would not raise the appetite for reform.

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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 disagree
Confidence level:
Extremely confident
Comment:
While structural reforms are necessary in the long run, there is a risk that adopting reforms in the current environment can put downward pressure on prices, and thus hinder the ECB efforts towards bringing inflation to its target. In addition there is no evidence that a less accomodative monetary policy would stimulate the adoption of reforms. The argument that the ECB "masks" this problems is not correct.