ECB policies [What Think Tanks are thinking]

In 2017 the European Central Bank was pushing ahead with its monetary stimulus programme, which was launched more than two years earlier to counter deflationary pressures in the euro zone economy, and to strengthen then fragile economic growth.

Some economists and politicians say the time was becoming ripe for the ECB to taper the scheme, which involved monthly purchases of government and corporate bonds worth some €60bn, as the deflationary threat was disappearing and economic activity picked up.

The ECB had assumed greater supervisory responsibilities under euro-area governance reforms aimed at preventing any repeat of the 2008-09 financial crisis. Its role could be reviewed during the expected next wave of reforms that would deepen cooperation among the currency area's members.

This note offered a selection of recent studies, reports and commentaries by some of the major international think tanks and research institutes on ECB policy.