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Archive » May 2021 » Ecb's monetary policy after the pandemics: main measures taken and open issues

Ecb's monetary policy after the pandemics: main measures taken and open issues

Angelo Porta
May 2021 - n. 5
Keywords: Monetary policy, European Central Bank, Covid-19, bilancio della Banca Centrale, revisione strategica
Jel codes: E50, E58

This note deals with some aspects of monetary policy undertaken by the Ecb after the outbreak of the Covid-19 pandemics. After a description of the main monetary policy measures, some quantifications of their effects is presented through the analysis of the evolution of the central bank’s balance sheets.The dimension of monetary policy impulse is indeed quite important, but the deep recession of the economy requires a continuation of the monetary expansion, and a coordination with other policies is also important. The Ecb should also present as soon as possible the strategic revision of its monetary policy which has been announced to the markets. The revision should not be limited to the important issue of definition of price stability but should also consider other goals, first of all the policies to tackle the climatic emergency.

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