Climate Change Versus Price Stability: How ‘Green’ Central Bankers and Members of the European Parliament Became Pragmatic (Yet Precarious) Bedfellows

Massoc, Elsa

doi:10.2139/ssrn.4140925

Cited by 5 publications

(1 citation statement)

References 18 publications

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“…moved to what we might call a one-and-a-half-way street-away from a monetary monologue and towards a more genuine monetary dialogue, so to speak. Another recent example of this tendency is the ECB's discourse on climate action and the greening of its operations, which was co-created by a coalition of 'green' central bankers and like-minded MEPs (Deyris 2023;Massoc 2022;Quorning 2023;Siderius 2022;Thiemann et al 2023). However, silence or voice on politically thorny issues like structural reforms or climate action can arguably hardly be enough for substantive accountability in and as of themselves.…”

Section: The Structural Reform Saga Can Serve As An Illustration Of H...mentioning

confidence: 99%

On the Monetary Dialogue between the European Central Bank and the European Parliament: From monetary monologue to dialogue—and beyond?

Diessner

2023

Preprint

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This essay traces the evolution of the communication between the European Central Bank (ECB) and the European Parliament (EP) over the past 25 years of Monetary Dialogues between the two supranational institutions. The essay begins with a reflection on the political problem of central bank communication. It then sketches out three distinct phases of ECB-EP relations over time. The main contention is that ECB communication with the EP has started, and should continue, to move from a one-way street to a multi-way street, in the interest of further improving the democratic credentials of EMU.

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Section: The Structural Reform Saga Can Serve As An Illustration Of H...mentioning

confidence: 99%

On the Monetary Dialogue between the European Central Bank and the European Parliament: From monetary monologue to dialogue—and beyond?

Diessner

2023

Preprint

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Too green to be true? Forging a climate consensus at the European Central Bank

Deyris

2023

New Political Economy

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A European Credit Council for Consistent and Informed Policymaking

Smoleńska

2023

Accounting, Economics, and Law: A Convivium

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In Banque Providence Eric Monnet draws on the history of central banking to investigate the problem of insufficient democratic anchoring of monetary policy. It is a very timely contribution, especially as the choices that the central bankers will face in the near future are bound to get ever more political. This article discusses Monnet’s proposals to increase central bank legitimacy through common deliberation of monetary policy authorities and economic policymakers, in particular in relation to EU’s credit policy. I draw on the rich literature on interinstitutional accountability to identify conditions for such an EU Credit Council to be fit for purpose. I further identify two specific EU contexts where further deliberation would be particularly called for: the differentiated monetary and internal market (credit) policies and the Green Deal. With regard to the first, I show how an EU Credit Council could help deepen our understanding of the mutual impact of advancing EU banking integration and continued existence of multiple currency regimes. With regard to the second, I discuss clarifications and adjustments needed in the EU legal framework to ensure that further policy coordination on financing the transition within such a Credit Council would facilitate the achievement of EU’s sustainability goals.

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Climate Change Versus Price Stability: How ‘Green’ Central Bankers and Members of the European Parliament Became Pragmatic (Yet Precarious) Bedfellows

Cited by 5 publications

References 18 publications

On the Monetary Dialogue between the European Central Bank and the European Parliament: From monetary monologue to dialogue—and beyond?

On the Monetary Dialogue between the European Central Bank and the European Parliament: From monetary monologue to dialogue—and beyond?

Too green to be true? Forging a climate consensus at the European Central Bank

A European Credit Council for Consistent and Informed Policymaking

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