Ignazio Angeloni: According to some, the ECB can learn from the Fed on how to deal with dissent. The US system, however, is not a reference Europe can easily conform to.
The ruling on the European Central Bank’s quantitative easing appears to open up an irremediable conflict at the heart of the euro area, with potentially fatal consequences for the currency and its central bank. It may turn out differently.
The European Central Bank must deliver but not send the wrong signals. Overly ambitious inflation targets must be reconsidered, as must hardened strategies in monetary policy.
Ignazio Angeloni: The return to normality after the coronavirus pandemic requires, among other things, that banks be saved, and this will not happen unless regulation is adapted and more public support is provided.
The reform of the ESM turned out to be one of the main political issues in Italy at the end of this year, to the point of posing an existential threat to the sitting government. However, a well-functioning ESM is of vital interest in particular to countries like Italy.