Question 2: Should the ECB respond to movements in the euro-dollar exchange rate of the nature observed in 2022?
Answer:
No
Confidence level:
Extremely confident
Comment:
The ECB should continue to focus on its inflation stability mandate and thus respond to exchange rate movements only insofar as inflation is affected.
Question 1: What was the main cause for the euro’s decline relative to the US dollar in 2022?
Answer:
Monetary policy differences
Confidence level:
Confident
Comment:
If the ECB had increased interest rates more promptly, the Euro would have not depreciated as much. Yet, I'm not convinced that the ECB should have increased interest rates more promptly. The underlying causes of inflation (or at least their relative importance) are likely to be different between the Euro Area and the US.
Question 3: Should a windfall tax be used to (fully or partially) finance support to households?
Answer:
Yes
Confidence level:
Very confident
Question 2: Which of the following is the best way to address the impact of rising energy costs on household finances?
Answer:
Conditional/targeted transfers
Confidence level:
Confident
Question 1: Overall, which of the following best characterises how the government’s proposed energy policies will leave the average UK household over the medium term:
Answer:
Worse off
Confidence level:
Confident
Comment:
The package is regressive and adds to the negative financial markets response to the mini budget.
The CFM surveys informs the public about the views held by prominent economists based in Europe on important macroeconomic and public policy questions. Some surveys focus specifically on the UK economy (as the CFM is a UK research centre), but surveys can in principle focus on any macroeconomic question for any region. The surveys shed light on the extent to which there is agreement or disagreement among these experts. An important motivation for the survey is to give a more comprehensive overview of the beliefs held by economists and in particular to include the views of those economists whose opinions are not frequently heard in public debates.
Questions mainly focus on macroeconomic and public policy topics. Although there are some questions that focus specifically on the UK economy, the setup of the survey is much broader and considers questions related to other countries/regions and also considers questions not tied to a specific economy.
The surveys are done in collaboration with the Centre for Economic Policy Research (CEPR).
Euro weakness in 2022
Question 2: Should the ECB respond to movements in the euro-dollar exchange rate of the nature observed in 2022?
Question 1: What was the main cause for the euro’s decline relative to the US dollar in 2022?
Assisting Households Facing Rising Energy Costs
Question 3: Should a windfall tax be used to (fully or partially) finance support to households?
Question 2: Which of the following is the best way to address the impact of rising energy costs on household finances?
Question 1: Overall, which of the following best characterises how the government’s proposed energy policies will leave the average UK household over the medium term:
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