Skip to main content

Defining a Macroeconomic Framework for the Euro Area

Monitoring the European Central Bank 3

By Alberto Alesina, Olivier Blanchard, Jordi Galí, Francesco Giavazzi, and Harald Uhlig

The third title in the MECB series begins with a review of the main events of the year and how the ECB has dealt with them. The authors focus mainly on eurozone inflation and the exchange rate of the euro but also address a few specific issues, such as transparency of monetary policy and the related decision, recently announced by the ECB, to publish its internal forecasts. The report then deals with three broader issues: the relationships between the ECB and the eurogroup; how the Council make monetary policy decisions; and macroeconomic adjustment in the monetary union. The MECB Update: July 2001 will mail out free with this title when it becomes available.

Get daily updates from Brookings