Macroprudential Banking Supervision & Monetary Policy by Luca Amorello

Author:Luca Amorello
Language: eng
Format: epub
ISBN: 9783319941561
Publisher: Springer International Publishing

355On the dual pillars strategy undertaken by the ECB in the preparation stage of its policymaking, see Issing (2006), recalling that the author was the one who introduced and developed this monetary policy strategy for the EMU. For more details, see infra Chapter 5.III.2.

356Moutot, Jung, and Mongelli (2008), p. 42. Inter alia, the relevant economic indicators are the following: (1) output and its components, (2) demand and labor market conditions, (3) broad range of price and cost indicators, (4) fiscal policies, (5) balance of payments for the Euro area, (6) asset prices and financial yields, and (7) sentiment indicators. The monetary indicators adopted instead are (1) monetary aggregates, (2) credit aggregates, (3) counterparts of M3, (4) loans to the private sector, (5) money-based inflation-risk-indicators, (6) measures of excess liquidity, and (7) indicators of the monetary policy stance and interest rate.

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