Robert Kollmann's picture
Affiliation: 
Université Libre de Bruxelles
Credentials: 
Professor of Economics
Research Fellow, CEPR
PhD, University of Chicago

Voting history

ECB Monetary Policy and Catch-up Inflation

Question 2: Which of the following policies is the most desirable to meet the ECBs objective to achieve its mandate of “price stability” as you understand this term.

Answer:
Inflation targeting
Confidence level:
Confident
Comment:
If the natural real interest rate were to change persistently in the future, the ECB would need to adjust its inflation target, at the next "strategy review."

Question 1: To what extent do you agree with the following statement? “The European Central Bank should systematically allow for inflation to exceed its target to compensate for periods of below target inflation.”

Answer:
Disagree
Confidence level:
Confident
Comment:
The proposed "catch-up" rule for inflation is too fuzzy, as the rule does not stipulate how long and by how much inflation would be allowed to exceed its target, after a period of low inflation. This lack of clarity would (further) undermine the credibility of the ECB. The ECB needs simple, transparent and credible rules! The ECB is rightly concerned about the persistent decline in the equilibrium interest rate and the resulting increase in the risk of hitting the interest rate effective lower bound. This concern calls for a permanent increase in the target inflation rate to, say, 2.5% or 3%.

Fiscal Rules in the European Monetary Union

Question 2: Which of the following is the one reform you would choose to improve fiscal rules?

Answer:
Expansion of EU level fiscal capacity for expanded mutual insurance
Confidence level:
Confident

Proposition 1: The existing fiscal rules for European Monetary Union members require revision.

Answer:
Disagree
Confidence level:
Confident

The ECB’s Green Agenda

Question 2: Would you support changing the ECB’s mandate to incorporate the EU’s target of carbon neutrality by 2050, if such a change is deemed legally necessary to adopt your preferred approach?

Answer:
Yes
Confidence level:
Confident

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