Tommaso Monacelli's picture
Affiliation: 
IGIER, Università Bocconi
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:
Confident
Comment:
On net, the benefits have outweighed the costs for all countries, although the benefits have not been shared evenly, due to the blatant undesirability of the fiscal policy regime. The Euro is an architecture trapped in midstream. It is however very unlikely that on average the benefits would have been higher if all countries had decided to maintain decentralized monetary policies (unless they had all decided to make their monetary policy "more scientific", meaning: CB independence, inflation targeting, etc..). Yet making their monetary policies simultaneously more scientific would have required a formidable commitment / coordination device, which is precisely what the Euro has provided.

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:
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

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:
Disagree
Confidence level:
Confident

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