Unleashing Prometheus? A New Research Project Analyzes ECB Monetary Policy Actions.

The project aims to explore current issues regarding the legal parameters of the ECB's actions, including climate and inflation.

Europäische Zentralbank; Credit: EZB
Europäische Zentralbank; Credit: EZB

The project explores open questions regarding the European Central Bank’s mandate (i.e. differentiating "monetary policy" from other EU Treaty chapters). The project focuses on unconventional forms of the ECB’s monetary policy in lieu of compatibility to Union law. The first step is to examine the corresponding Union law parameters in the ECB's mandate and, in particular, explore the mandate’s legal scope. The second step involves examining selected ECB monetary policy measures with regard to their compatibility with Union law.

The respective Union regulations will be analyzed by means of the standard methods of legal interpretation. In an effort to enhance the study’s applied relevance by going beyond disciplinary boundaries, the study will involve economists with research expertise in monetary policy. Jochen Günter (Department of Economics) and Rainer Palmstorfer (Institute of European Law) will be involved.

Scheduled to start in the Spring of 2023, the four-year project will include two workshops with a research team, a planned post-doctoral position, as well as a final conference to present the most significant research findings.