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Future of the EBRD, Lagarde to shoot high and go big

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Future of the EBRD, Lagarde to shoot high and go big

Thursday 12 March 2020  –  Vol.11 Ed.11.3

Commentary: Future of the EBRD

By Tadeusz Kościński in Warsaw and Pier Carlo Padoan in Rome

The European Bank for Reconstruction and Development was created almost 30 years ago to help build market economies in eastern Europe, later expanding its activities to central Europe and central Asia. In an increasingly polarised world and amid a changing environment within the EBRD regions and beyond, Tadeusz Kościński and Pier Carlo Padoan offer up ways in which the institution should move forward.

Read the full commentary on the website.

Christine Lagarde

Commentary: Lagarde to shoot high and go big

By Mark Sobel in Washington

Lagarde faces a dilemma. She knows that the ECB cannot act alone, and that decisive fiscal action would be far more potent than monetary policy measures. The ECB’s options are constrained. Coronavirus is both a supply and demand shock, and monetary policy is not well equipped to deal with supply shocks. Euro area monetary policy is already overburdened and near the effective lower bound. Lagarde will want to see a consensus behind the ECB’s actions. Balancing ‘hawks’ and ‘doves’ may impact the ECB’s actions.

Read the full commentary on the website.

 

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