Director General - Directorate General European and International Relations, European Central Bank. Head of Division - Country Surveillance Division, Directorate General Economics, European Central Bank. Head of Division - International Policy Analysis Division, Directorate General International and European Relations, European Central Bank. Deputy Head of Division - International Policy Analysis Division, Directorate General International and European Relations, European Central Bank. Principal Economist - International Policy Analysis Division, Directorate General International and European Relations, European Central Bank. Economist - Secretariat of the Working Group on Forecasting, Directorate General Economics, European Central Bank. Wir verwenden Funktionscookies zur Speicherung von Nutzerpräferenzen, Analysecookies zur Verbesserung der Website-Performance sowie Drittanbieter-Cookies, die von Diensten Dritter, die in die Website integriert sind, gesetzt werden. Sie können die Cookies annehmen oder ablehnen. Für weitere Informationen oder um die Einstellungen für die von uns verwendeten Cookies und Serverprotokolle zu ändern, verweisen wir Sie auf die folgenden Webseiten:. Unsere Datenschutzerklärung. Unsere Verwendung von Cookies. Wir arbeiten kontinuierlich daran, die Benutzerfreundlichkeit unserer Website zu verbessern. Zu diesem Zweck nutzen wir durch Cookies erfasste anonymisierte Daten. Änderungen unserer Datenschutzbestimmungen ansehen. Zu diesem Zweck nutzen wir durch Cookies erfasste anonyme Daten. Weitere Informationen zu unserer Nutzung von Cookies. Skip to: Skip to navigation Skip to content Skip to footer. ALLE ZEITRÄUME. Sortieren nach ALLE ZEITRÄUME VORMONAT VORJAHR. Startseite Medien Wissenswertes Forschung und Publikationen Statistiken Geldpolitik Der Euro Zahlungsverkehr und Märkte Karriere. Sortieren nach Relevanz Datum. Biography Education PhD in Economics, Katholieke Universiteit Leuven, Leuven, Belgium Master of Science in Economics, Katholieke Universiteit Leuven, Leuven, Belgium. A year of international trade diversion shaped by war, sanctions, and boycotts. Demosthenes Ioannou Laura Lebastard Adrian Schmith Isabel Vansteenkiste. Demosthenes Ioannou Javier J. Abstract Over the past decade, geopolitical developments — and the policy responses to these by major economies around the world — have challenged economic openness and the process of globalisation, with implications for the economic environment in which central banks operate. The return of war to Europe and the energy shock triggered by the Russian invasion of Ukraine in are the latest in a series of episodes that have led the European Union EU to develop its Open Strategic Autonomy OSA agenda. This Report is a broad attempt to take stock of these developments from a central banking perspective. Markups and inflation cyclicality in the euro area. Omiros Kouvavas Chiara Osbat Timo Reinelt Isabel Vansteenkiste. Abstract Price inflation in the euro area has been stable and low since the Global Financial Crisis, despite notable changes in output and unemployment. We show 50 cent dating history an increasing share of high markup firms is part of the explanation of why inflation remained stubbornly stable and low in the euro area over the past two decades. For this purpose, we exploit a rich firm-level database to show that over the period — the aggregate markup in the euro area 50 cent dating history been on the rise, mainly on account of a reallocation towards high-markup firms. We document significant heterogeneity in markups across sectors and countries and, by linking these markup developments to the evolution of sectoral level producer and consumer price inflation, we find that i inflation in high-markup sectors tends to be less volatile than in low-markup sectors and ii inflation in high-markup sectors responds significantly less to oil supply, global demand and euro area monetary policy shocks. Monetary-fiscal policy interactions in the euro area. Work stream on monetary-fiscal policy interactions. Experience following the financial crisis has focused renewed attention on the question of how monetary and fiscal policy should best interact, in particular in an environment of structurally low interest rates and persistent downside risks to price stability. This debate has been further intensified by the economic impact of the coronavirus COVID pandemic. In the euro area, the unique architecture of a monetary union consisting of sovereign Member States, with cross-country heterogeneities and weaknesses in its overall construction, poses important challenges. Against this background, this report revisits monetary-fiscal policy interactions in the euro area from a monetary policy perspective and with a focus on the ramifications for price stability and maintaining central bank independence and credibility.
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