Giuseppe Bertola's picture
Affiliation: 
Università di Torino
Credentials: 
Professor of Economics

Voting history

The Future of Central Bank Independence

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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:
Agree
Confidence level:
Not confident
Comment:
A lot depends on how independence is defined and measured

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:
Not confident at all
Comment:
Structural problems there are, but "masks" and "member states" make statement pointless

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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:
Disagree
Confidence level:
Extremely confident
Comment:
Inflation expectations and investment need to be a lot more solid.

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:
Strongly agree
Confidence level:
Very confident
Comment:
When the private sector's reluctance to spend threatens any economy with a bad equilibrium, governments should correct the coordination failure. Higher public spending and nontraded sector inflation in Germany would be good for all the eurozone, Germany included.

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Question 1: Do you agree that German current account surpluses are a threat to the Eurozone economy?

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Answer:
Strongly agree
Confidence level:
Very confident
Comment:
The German surplus is much larger than what could be justified by ageing trends. Extreme reluctance to spend domestically is incompatible with adjustment of international imbalances with the eurozone, and results from fears that may sadly and self-fulfillingly be justified by prolonged stagnation or collapse of the eurozone.

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