Piero Cipollone: The euro at 25: what next for Economic and Monetary Union?

We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.

Metadata
Provider: 
ECBECB
URL: 
https://www.ecb.europa.eu//press/key/date/2024/html/ecb.sp240212_1~07f799ef09.en.htmlhttps://www.ecb.europa.eu//press/key/date/2024/html/ecb.sp240212_1~07f799ef09.en.html
Retrieved on: 
Tuesday, February 13, 2024
Information
Tags: 
NGEU, Freedom, Education, Investment, Next Generation EU, Growth, High, GDP, Attention, Single, University, Work, ESM, Policy, European Parliament, SURE, Recovery, Journal of Monetary Economics, Solidarity, ISPI, Council, American Economic Review, Blog, Journal, Economics, Congress, Workforce, Communication, Stability, Pressure, Depreciation, Smets, European Commission, Scar, Single market, RRF, Wildwood House, European Court, Economy, Frankfurt, Benefit, Central bank, City, European Central Bank, Employment, Commission, De Ridder, Speech, Research, Face, Insurance, Reproduction, Monetary economics, Annual report, Climate, Friends, Thought, Economic and monetary union, Mathematics, Risk, COVID-19, OJ, Mundell, Single Euro Payments Area, EMU, Brueghel, Justice, Unemployment, ECB, Renewable energy
Geotags: 
READING, EUROPEAN UNION, LEIGH, LAGARDE, CORNERSTONE, EU, EUROPE, GERMANY, UNITED STATES, SAN FRANCISCO, ROME, NEW YORK
Summary
Key Points: 
  • We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.
  • Supply shocks, moreover, are found to pass through to all components of euro area inflation – producer prices, wages and core inflation, which has implications for monetary policy.
Copyright: 
2024 ECB. All Rights Reserved.