The European Central Bank (ECB) study group, which includes Professor Dr. Fabian Amtenbrink and Professor Dr. Ivo Arnold, produced a report for the Tweede Kamer on "The economic and legal aspects of the ECB's asset purchase programmes - a follow-up".
In their 2021 report, the European Central Bank (ECB) Study Group outlined various future scenarios regarding the ECB's monetary policy. It is in this context that the Finance Committee (Commissie van Financiën) of the Dutch Parliament (Tweede Kamer) requested the ECB study group to present an updated version of the report. More specifically, the ECB study group was asked to assess the compatibility with the EU treaties of the measures taken by the ECB to combat fragmentation in the Eurozone. Both the Transmission Protection Instrument (TPI) and the flexible reinvestments of released government bonds from the Pandemic Emergency Purchase Program (PEPP) were examined. In addition, the study group was requested to explain the possible consequences of high inflation and monetary policy tightening on the profitability and capital position of both the ECB and the national central banks.
The ECB study group consisted of the following members:
- Prof. Dr. Lex Hoogduin (chairman), University of Groningen
- Prof. Dr. Fabian Amtenbrink, Erasmus University Rotterdam
- Prof. Dr. Ivo Arnold, Erasmus University Rotterdam
- Prof. Dr. Harald Benink, Tilburg University
- Prof. Dr. Diane Fromage, University of Salzburg
- Drs. Eva Mulder (secretary), Erasmus University Rotterdam
Their report was published on 8 February 2024 and was presented in a live session at the Finance Committee on 27 February 2024.
- More information
The report by the ECB study group may be accessed here: https://www.tweedekamer.nl/kamerstukken/detail?id=2024D04650&did=2024D04650.