European Monetary Union faces tough decisions
Panel discussion: inflation targeting
A look inside two central banks: the European Central Bank and the Federal Reserve
In 1998 the European Central Bank (ECB) became the world?s 173rd central bank. The Eurosystem, with its structure of national central banks and the ECB, is similar to the Federal Reserve System, with its District Banks and Board of Governors. However, important differences exist in the way the two systems operate. This article compares the organization and tasks of the two central banks by examining differences in their monetary policy frameworks, specifically focusing on the goals, tools, and policymaking process. In addition it examines the independence, accountability, and transparency of ...
The measurement and behavior of uncertainty: evidence from the ECB Survey of Professional Forecasters
We use matched point and density forecasts of output growth and inflation from the ECB Survey of Professional Forecasters to derive measures of forecast uncertainty, forecast dispersion, and forecast accuracy. We construct uncertainty measures from aggregate density functions as well as from individual histograms. The uncertainty measures display countercyclical behavior, and there is evidence of increased uncertainty for output growth and inflation since 2007. The results also indicate that uncertainty displays a very weak relationship with forecast dispersion, corroborating the findings of ...
Interview with Jean-Claude Trichet
The European Central Bank president and Minneapolis Fed President Gary Stern discuss ECB accomplishments and challenges, as well as issues of concern to both central banks.
EMU and the ECB
Observations on the global economy and financial system
Remarks at the IIF Annual Meeting of Latin America Chief Executives, Santiago, Chile.
Assessing the Euro three years after its launch