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.
It is however unlikely that the ECB can remain independent since in the next 48-month horizon Europe will have to deal with the Italian sovereign-debt crisis. Ecb stopping debt purchases and raising interest rates can create significant problem to the solvency of Italian government, unless access to ESM and conditionality are accepted. Independence of the monetary-policy stance can be inconsistent with the aim of preserving the integrity of the euro area.
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?
Central bank independence in the Eurozone is jeopardized by having entered in quasi-fiscal actions like the large-scale asset purchases. It is likely that next ECB President will be appointed on the basis of who is more favourable to continue or stop these purchases.
Yes, it tends to postpone structural adjustments at the single country level and also delaying convergence to a more integrated union, since it conveys the mistaken idea that the current situation can survive longer. Since OMT announcement and QE policies, any discussion on Eurobonds has been disappearing as well as other discussions on debt mutualization and so forth
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).
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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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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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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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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Question 1: Do you agree that exceptionally loose monetary policy by the European Central Bank is no longer appropriate?
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