Economics at your fingertips  

Monetary policy measures in the euro area and their effects since 2014

Magali Marx (), Benoît Nguyen () and Jean-Guillaume Sahuc ()

Rue de la Banque, 2016, issue 32

Abstract: Inflation in the euro area has been significantly below its target level since the end of 2013. This can be passed on to long-term inflation expectations and is a reflection of the very progressive recovery. At a time when price stability was coming under threat, the Eurosystem embarked on a new phase of monetary accommodation in the summer of 2014, marked notably by massive purchases of government securities and negative policy rates. According to Eurosystem estimates, the asset purchase programme and the other non-standard measures taken since 2014 are expected to have an effect on average annual inflation of around 0.5 percentage point over the period 2015-2018 and a cumulative effect on the economic growth of the euro area of about 1.6 percentage points by 2018.

Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4) Track citations by RSS feed

Downloads: (external link) ... ue_32_2016-10_en.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this article

More articles in Rue de la Banque from Banque de France Banque de France 31 Rue Croix des Petits Champs LABOLOG - 49-1404 75049 PARIS. Contact information at EDIRC.
Bibliographic data for series maintained by Michael brassart ().

Page updated 2022-01-17
Handle: RePEc:bfr:rueban:2016:32