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Europe and the European Central Bank have come of age as a result of the Covid-19 crisis, a new book co-authored by the ECB's Director General of Monetary Policy argues, thanks not least to the "disposition towards pre-emptive action, a playbook for implementing unconventional policy in short order," left behind by the 2008 financial crisis.
Today's policy mix, including the ECB's pandemic emergency purchase programme (PEPP) and the European Commission's Next Generation EU Fund (NGEU) "comes about as close as one could [previously] have imagined to the new and more intimate forms of interaction between monetary and fiscal policy," the ECB's Massimo Rostagno and others argue.
The events of the first half of 2020 also vindicate the "slow and circumspect pace" at which the ECB sought to normalise policy in 2018, after a decade of inflation undershoot, the authors claim. Even so, they note, "macroeconomic stability [...] can't be attained and preserved unless fiscal policy cooperates."
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