The ECB’s Experience of Monetary Policy in a Financially Fragmented Euro Area

Alain Durré (), Angela Maddaloni and Francesco Mongelli

Comparative Economic Studies, 2014, vol. 56, issue 3, 396-423

Abstract: This paper examines the various stages of the sovereign debt crisis of the euro area, the ensuing re-segmentation of several financial market segments and the disruptions in the transmission of monetary policy impulses. The paper provides the first systematic attempt to describe the European Central Bank’s (ECB’s) monetary policy during these 6 years of a mutating crisis. Its main contribution is to merge an analysis of economic and financial developments with that of the flaws in the Economic and Monetary Union’s institutional framework and governance. Although both interest rate and bank lending channels were severely weakened during the crisis, the transmission of the monetary policy stance did not break down, partly due to the increased intermediation role of the ECB.

Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (23)

Downloads: (external link)
http://www.palgrave-journals.com/ces/journal/v56/n3/pdf/ces201420a.pdf Link to full text PDF (application/pdf)
http://www.palgrave-journals.com/ces/journal/v56/n3/full/ces201420a.html Link to full text HTML (text/html)
Access to full text is restricted to subscribers.

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: https://EconPapers.repec.org/RePEc:pal:compes:v:56:y:2014:i:3:p:396-423

Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/41294/PS2

Access Statistics for this article

Comparative Economic Studies is currently edited by Nauro Campos

More articles in Comparative Economic Studies from Palgrave Macmillan, Association for Comparative Economic Studies Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().