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

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:
Hybrid policies
Confidence level:
Confident

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:
Agree
Confidence level:
Very confident
Comment:
In a sense, this is equivalent to using a longer window for the inflation target which seems a desirable thing to do

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:
Fiscal councils or fiscal standards
Confidence level:
Not 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:
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.

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