monetary policy

First-ever Account of ECB Governing Council Monetary Policy Meeting

For the first time, the ECB has published an official account of a Governing Council monetary policy meeting. The account, issued on 19 February, covers the meeting of 21-22 January 2015 – providing background on the decision to approve a Euro area sovereign bond purchase programme (‘quantitative easing’) set to run from March 2015 to September 2016. A review of financial, economic and monetary developments and policy options is followed by a synopsis of the Governing Council’s discussion and monetary policy decisions. A PDF version is available at this link. The next monetary policy account is due for release on 2 April, via ECB > Press > Monetary policy accounts. The EUI Library maintains a Euro Resources directory and a European Data directory.

ECB announces sovereign bond purchase programme, to commence in March 2015

The ECB has announced a Euro area sovereign bond purchase programme (‘quantitative easing’) of €60bn per month, to run from March 2015 to September 2016. The text of ECB President Draghi’s presentation is on this ECB page. A webcast of Thursday’s press conference is at this link. The programme includes sovereign debt, asset-backed securities and covered bonds. The European Central Bank publishes Monthly Bulletins, Financial Stability Reviews and regular alerts for new publications and policy positions. The EUI Library maintains a Eurozone resource page, with bibliography and a Eurozone/European Union statistical data directory.

EUI Library acquires ‘Monetary Reform and the Bellagio Group’ archival publication

The Library now provides online access to Monetary Reform and the Bellagio Group, the published archive of the Bellagio Group (1964-1977). The Group – founded by Fritz Machlup, William Fellner and Robert Triffin – was the predecessor of the Group of Thirty. EUI members should log in for access to the online full text. The collection contains “over 300 rare texts, the majority of which are previously unpublished; source archives include Yale University, The Hoover Institution, Stanford University and the Banca Nazionale del Lavoro; editorial apparatus includes a substantial general introduction, volume introductions, headnotes and endnotes, and a consolidated index appears in the final volume.”