Ugo Panizza's picture
Affiliation: 
The Graduate Institute, Geneva (HEID)
Credentials: 
Pictet Chair and Professor of Economics

Voting history

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:
No
Confidence level:
Confident
Comment:

 Question 1: Which of the following actions is the most advisable approach for European Central Bank to address the environmental impact of its bond-purchasing policies?

Answer:
Actively biasing its portfolio towards green investments
Confidence level:
Confident
Comment:
It seems a good idea as long as it does not diminish the Bank's effectiveness in achieving its mandate. A carbon tax would be more effective, but why not acting with multiple instruments. The only risk is that the ECB could be asked to act on too many fronts and this would reduce its effectiveness and independence.

Post Covid-19 Potential Output in the Eurozone

Question 2: How much lower will the potential growth rate of GDP in the Eurozone in 2025 be due to Covid-19 relative to pre-Covid forecasts?

 

Answer:
No different
Confidence level:
Not confident
Comment:
I don't think that there will be long-term negative effect on growth, but not confident.

Question 1: How much lower will the potential level of GDP in the Eurozone in 2025 be due to Covid-19 relative to pre-Covid forecasts?

 

Answer:
Between 2% and 5%
Confidence level:
Not confident
Comment:
My guess is that medium-long term growth will go back to pre-COVID. It will be substantially higher in 2021-2022, but not high enough to compensate for output lost in 2020. There is massive uncertainty and probably substantial cross-country variation

Should the ECB Reformulate its Inflation Objective?

Question 3: Which of the following best reflects your opinion on the following statement? “The ECB should explicitly recognize unemployment and/or economic growth as a secondary aim, secondary to its price stability mandate.”

Answer:
Agree
Confidence level:
Confident

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