Surveys

The ECB’s Green Agenda

Summary

The majority of the CfM-CEPR European panel of experts supports active measures to use the ECB’s bond-purchasing programme to either exclude industries with negative environmental impact or biasing its portfolio towards green investments. An additional 30% of the panel believes that the ECB should rebalance its portfolio to correct its current bias in favour of polluting industries. However, a majority also believes it would be inappropriate to change the ECB’s mandate to reflect green objectives.

Background

Should We Worry About Post-Covid Inflation?

Summary

The CfM panel of experts is split between those predicting that UK inflation will be roughly at its current target and those believing that inflation will be above target in the upcoming decade. A smaller minority worries that the UK growth rate will be too low for the Bank of England to stimulate inflation. Beyond the growth rate of the economy, additional factors to look at in projecting inflation are the effects of Brexit, rising public debts, and global factors.

Background

Post Covid-19 Potential Output in the Eurozone

Summary

A majority of the CfM-CEPR panel of macroeconomic experts on the European economy predict a 2-5% decline in the level of potential Eurozone GDP, but no impact on potential the long-run growth rate.

Background

The December 2020 CfM-CEPR survey asked members of its European panel to estimate the loss in the level and growth rate of potential GDP in the Eurozone due to the Covid-19 pandemic.  

Covid’s Long-run Impact on the Eurozone Economy

Should the ECB Reformulate its Inflation Objective?

Summary

The European Central Bank (ECB) is in the process of reviewing its monetary policy strategy. A majority of CfM-CEPR panel members support allowing inflation to exceed 2% following periods when inflation has been below target and making more explicit its secondary objective of supporting economic growth and full employment. Only a minority supports increasing the inflation target itself.

Background

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