The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The article reviews, compares, and evaluates the different arguments made in favor and against ECB policies around three key dimensions—the link of the policy path to price stability, financial ...
The conflict between Russia and Ukraine that started in March 2014 resulted in bilateral economic sanctions imposed by Russia and Western countries, including the members of the euro area (EA). The paper investigates the impact of sanctions on the real side of the economy of Russia and the EA. Using an index that measures intensity of sanctions the effects of sanctions shocks are analyzed by the means ...
Neben der Durchführung geldpolitischer Operationen nehmen die nationalen Zentralbanken des Eurosystems eine Reihe von nationalen Aufgaben in eigener Verantwortung wahr. Dazu zählt auch die Verwaltung ihrer Portfolios. Damit dies nicht in Konflikt mit der Durchführung der gemeinsamen Geldpolitik gerät, gibt das „Agreement on Net Financial Assets“ (ANFA) den nationalen Zentralbanken eine Obergrenze für ...
As well as implementing the common monetary policy, the national central banks (NCBs) which, together with the European Central Bank (ECB) form the Eurosystem, are also responsible for performing a range of national tasks. Among other things, these include the management of their financial assets portfolios. To ensure that this function does not interfere with the implementation of the single monetary ...
We employ a detailed two-stage model to simulate the operation of the Central Eastern European electricity market and network. Implementing different cases of coordination in congestion management between national transmission system operators, numerical results show the beneficial impact of closer cooperation. Specific steps comprise the sharing of network and dispatch information, cross-border counter-trading, ...
