Unconventional monetary policy; Central bank reserves; Overnight interest rate; European Central Bank; Germany; Great Financial Crisis

Eladio Febrero, Jorge Uxó and Óscar Dejuán

Review of Keynesian Economics, 2025, vol. 13, issue 3, 404–416

Abstract: Did the ECB lend reserves to banks in the eurozone periphery during the Great Financial Crisis to allow German banks to recover their investments or just to keep the monetary policy transmission mechanism working? Was its monetary policy unconventional at the time? If so, according to what criteria? In this paper, we review the arguments in Tropeano (2019) and Febrero et al. (2015). We conclude that the ECB was rather conventional in its defensive reaction to managing the overnight interest rate in the interbank market.

Keywords: Unconventional monetary policy; Central bank reserves; Overnight interest rate; European Central Bank; Germany; Great Financial Crisis (search for similar items in EconPapers)
JEL-codes: E12 E42 E43 E58 (search for similar items in EconPapers)
Date: 2025
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