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The ECB and politics in an era of low interest rates

Wolff, Guntram, (2015), “The ECB and politics in an era of low interest rates”, Bruegel publications, 25 Nοεμβρίου

The reasons for this are the subject of heated debate, but the fact is that there have been long-term changes in global savings and investments due to demographic and structural factors. Monetary policy has not caused this situation, yet it has to find a response. All the same, monetary policy cannot address questions of redistribution, which fall primarily within the political domain. The ECB will have to extend its program, but politics has to deliver on long-needed structural reforms and foster growth through sensible investments, in particular regarding refugees.

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