>> GROUP: Shadow ECB Council / EZB-Schattenrat  Andrew Bosomworth

Andrew Bosomworth: My interest rate vote is no change at this meeting. I do, however, support ending the policy of negative nominal rates as soon as possible as I believe they and money illusion are causing a net detrimental impact on activity relative to other tools such as asset purchases.

I think the ECB’s monetary policy review should involve a deeper analysis of the costs and benefits of the negative rate policy first and foremost. Other areas should cover the quantitative definition of price stability. Here I favour a more explicit definition that emphasizes symmetry, for example a central target such as 2% embedded within a symmetrical band of plus and minus 1%. I also favour a more formal and transparent documentation of how governing council members vote on monetary policy decisions, for example disclosing the decision of each voting member in the transcript of the meeting.
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