All members are appointed by the European Council, acting by a qualified majority. Members of the Executive Board as at June Responsibilities to prepare Governing Council meetings; to implement monetary policy for the euro area in accordance with the guidelines specified and decisions taken by the Governing Council. In so doing, it gives the necessary instructions to the euro area NCBs; to manage the day-to-day business of the ECB with the support of the Chief Services Officer, Michael Diemer ; to exercise certain powers delegated to it by the Governing Council.
These include some of a regulatory nature. Christine Lagarde. Terms of office All Executive Board members are appointed for an eight-year term that cannot be renewed. Timeline: Past and present Executive Board members.
We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies. Learn more about how we use cookies. See what has changed in our privacy policy. Search Options. Sort by Relevance Date. For most of the employees covered by automatic wage indexation, the inflation measure is backward-looking and includes energy. These indexation mechanisms are usually backward-looking with inflation measures that include energy.
For more than half of the employees in the euro area, inflation does not play a formal role in wage setting but can be an important factor in wage negotiations. Where there is no formal role for inflation, inflation developments can be more easily disregarded in times of high uncertainty, with the focus being on job security instead, for example. Since the Great Financial Crisis, indexation regimes with a formal role for inflation in wage setting have become somewhat less prevalent in the euro area.
Overall, the likelihood of euro area wage-setting schemes triggering second-round effects based on inflation indexation is relatively limited, particularly with regard to energy inflation. Recent hikes in energy inflation can be expected to lead to some automatic wage increases, mainly in minimum wages in some countries, affecting only a small share of private sector employees.
However, a broadly based and automatic pass-through to wage growth through wage indexation mechanisms seems rather unlikely. During the pandemic labour supply has fallen sharply. It has partially recovered, although it remains substantially below pre-pandemic levels.
While labour force was initially affected in a similar way across the largest euro area countries, there was also some heterogeneity across countries and demographic groups. When taking the pre-pandemic trends into account, workers with a low and medium level of education as well as older workers explain the largest part of the current gap to the pre-pandemic trends.
A full recovery of labour force participation to the rising pre-pandemic trend will likely be gradual. The predictive power of equilibrium exchange rate models. Abstract This article reviews three popular equilibrium exchange rate models, the purchasing power parity PPP , behavioural equilibrium exchange rate BEER and macroeconomic balance MB models. The aim is to address two questions: whether such models help in forecasting real and nominal exchange rates and which macroeconomic fundamentals contain such predictive power.
The evidence suggests that real exchange rates adjust over time to their estimated real exchange rate equilibria only in the cases of the PPP and BEER models. Exploring this empirical regularity, it is possible to draw three important lessons. The first is that such equilibrium adjustment helps to forecast real exchange rates. The second lesson is that this real equilibrium adjustment process helps in forecasting nominal exchange rates, as most of the adjustment toward equilibrium is achieved by currency movements and not by relative price changes.
The third is that most of the forecasting power comes from the exploitation of the mean-reverting properties of real exchange rates rather than an understanding of the relationship between exchange rates and economic fundamentals. Abstract The growth of euro area labour productivity, measured by real GDP per hour worked, increased at the onset of the coronavirus COVID pandemic before declining during the subsequent economic recovery.
This contradicts the general notion of productivity being procyclical and reflects the unique nature of this crisis. This box discusses the recent patterns in labour productivity and considers the extent to which some of these developments might fade or consolidate after the crisis. Scarring effects of the pandemic on the global economy — reviewing recent evidence.
Julia Doleschel Ana-Simona Manu. Abstract This box reviews recent data for evidence of scarring effects stemming from the coronavirus COVID shock on the global economy excluding the euro area. Taking a production function approach perspective, it analyses recent data relevant for determining the evolution of potential output and compares them with developments in the aftermath of the Great Recession.
The stylised facts suggest that the level of global potential output has declined during the pandemic, albeit less than during the Great Recession. This decline can mostly be attributed to temporary factors, although more lasting damage may occur if people remain out of work for longer, loose their skills or become long-term unemployed.
Key factors behind productivity trends in euro area countries. Abstract Productivity plays a key role in the economic resilience and social welfare of countries. Central bankers are also interested in higher productivity growth because it would contribute to increasing the natural rate of interest and, therefore, the effectiveness of monetary policy, its room for manoeuvre and its transmission to the economy.
With this monetary policy perspective in mind, this article aims to show key productivity trends and drivers over the past few decades in the euro area. The article is complemented by Box 4 in this issue of the Economic Bulletin, which presents preliminary evidence on the impact of the coronavirus COVID pandemic, and of policy responses to it, on productivity in the euro area.
The recovery of housing demand through the lens of the Consumer Expectations Survey. Desislava Rusinova. Households from the highest income quintile, those expecting high income growth and households that are net savers are particularly likely to support housing demand going forward.
While some accumulated savings may have already been used for house purchase, such savings are still expected to support housing demand in the near term.
Households expect favourable credit conditions and increasing housing prices, which suggests a dynamic housing market but may also pose housing affordability problems for lower-income households. Abstract This article reviews the developments in the euro area housing market during the various phases of the coronavirus COVID pandemic and compares them with previous crises.
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