European monetary policy: lessons from the past two decades

Since its foundation in 1998 the European Central Bank has maneuvered through a complex international and domestic economic maze, punctuated by unpredictable structural change and crisis. How has European monetary policy developed in those years and what lessons does its history hold for the future?

This event featured the presentation of “Monetary Policy in Times of Crisis – A Tale of Two Decades of the European Central Bank.” The book is both a chronicle of the evolution of the ECB’s thinking and internal practices over the years and an econometric study of its struggle to anchor inflation in a two-regime world, where inflation tends to be either too high or too low.