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Coeuré: The international dimension of the ECB’s asset purchase programme
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Foreign Exchange Contact Group meeting, 11 July 2017 Large-scale asset purchase programmes have become an integral part of the set of unconventional tools central banks use to achieve their domestic objectives.[1] When faced with negative output gaps and policy interest rates approaching their effective lower bound, these programmes have given central banks an essential tool to continue providing additional monetary accommodation, and prevent their domestic economies from falling into a deflationary trap. Yet, in a world of integrated ... (full story)