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Draghi: The ECB’s Recent Monetary Policy Measures: Effectiveness and Challenges
Ladies and gentlemen, Over the past year the ECB has taken a series of major monetary policy measures, culminating in our decision in January this year to expand our asset purchases towards public sector securities. While the aim of these measures is the same as it has always been – maintaining price stability over the medium-term – their form is unprecedented for our central bank. And as such our policy decisions have become more complex in two key ways. First, as interest rates have reached their effective lower bound in the euro area, we have become more constrained in our ability to deploy conventional ... (full story)
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