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The Governor's blog

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The Governor's Blog aims to share, in an above all instructive manner, useful knowledge in relation to the monetary policy of the Eurosystem, of which the BCL is an integral part. Beyond that, it serves to explain more generally the BCL's European, international and national missions, and to take up positions expressed by the Governor. Finally, it will also present the work (reports, working papers, published articles, etc.) carried out within or by the BCL.

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06.08.2021 - Blog post by Gaston Reinesch, Governor of the BCL
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THE NEW MONETARY POLICY STRATEGY OF THE EUROSYSTEM

Introduction

Based on a thorough monetary policy strategy review launched in January 2020, on July 7, 2021 the ECB’s Governing Council decided on a new monetary policy strategy, announced on July 8, 2021. This blog article reviews the motivation for the monetary policy strategy review by the Eurosystem and one of its key outcomes, the medium-term inflation target. Other elements of the new strategy will be the subject of forthcoming articles.

 

05.08.2021 - Blog post by Gaston Reinesch, Governor of the BCL
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INTEREST RATE BENCHMARK REFORM

Introduction

This article analyses the importance of money market reference rates from a double perspective. On the one hand, its objective is to make the public aware of the different reference rates in the money market and their great impact on capital markets and the real economy. On the other hand, this article sheds light on global reference rate reforms undertaken over the last few years. Thereby, it raises awareness of the reform outcomes and the need for adaption by market practitioners in the very near future.

 

29.07.2021 - Blog post by Gaston Reinesch, Governor of the BCL

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 essai d'Économie Politique

Summary

A partially updated version of my « Essai d’Économie Politique - Division du travail, Spécialisation, Échanges, Marchés, État, Droit et Monnaie » dated 4 July 2021 is now available on the BCL website.

Download the file

 

15.07.2021 - Blog post by Gaston Reinesch, Governor of the BCL

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recent inflation developments

Summary

The recent months saw a substantial increase in measured headline inflation in the euro area. This article takes a succinct look at recent inflation developments, both for the euro area and Luxembourg.

14.07.2021 - Blog post by Gaston Reinesch, Governor of the BCL

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Eurosytem launches digital euro project

Summary

The Governing Council of the European Central Bank (ECB) has decided on 14 July to launch the investigation phase of a digital euro project.

Gréng Luucht fir de Projet vum digitalen Euro - BCL Governor's interview with RTL Radio Lëtzebuerg

31.05.2021 - Blog post by Gaston Reinesch, Governor of the BCL

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THE EXCEPTIONAL MONETARY POLICY RESPONSE TO THE EXCEPTIONAL COVID-19 PANDEMIC

Summary

As an immediate response to the pandemic and its implications for economic and financial conditions the Governing Council launched several additional monetary policy measures. This article briefly describes the main measures taken in the aftermath of the pandemic.

20.05.2021 - Blog post by Gaston Reinesch, Governor of the BCL

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UNCONVENTIONAL MONETARY POLICY TOOLS ADOPTED BEFORE 2020

Summary

The previous blog article discussed the conventional monetary policy tools. This article provides an overview of the main unconventional monetary policy measures adopted by the Eurosystem between the global financial crisis of 2007-2008 and the outbreak of the COVID-19 pandemic in 2020 with focus on tools that are currently in operation.

 

06.04.2021 - Blog post by Gaston Reinesch, Governor of the BCL

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An overview of the main Eurosystem's monetary policy instruments in place

Summary

This is the first of three articles describing the instruments through which the Eurosystem implements monetary policy decisions.
This post recapitulates the conventional monetary policy tools, which were the main instruments used by the Eurosystem before the global financial crisis of 2007-2008.

19.02.2021 - Blog post by Gaston Reinesch, Governor of the BCL

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How does the Governing Council take monetary policy decisions?                       

Summary

This blog post gives an overview on the decision making process of the Governing Council and its communication aspects.