Where are we at in the euro zone credit cycle?

Où en est-on du cycle de crédit dans la zone euro ?

Christophe Blot () and Paul Hubert
Additional contact information
Christophe Blot: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

Post-Print from HAL

Abstract: In December 2016, the European Central Bank announced the continuation of its Quantitative Easing (QE) policy until December 2017. The continuing economic recovery in the euro zone and the renewal of inflation are now raising questions about the risks associated with this programme. On the one hand, isn't the pursuit of a highly expansionary monetary policy a source of financial instability? Conversely, a premature end to unconventional measures could undermine growth as well as the ECB's capacity to achieve its objectives. Here, we study the dilemma facing the ECB [in French] based on an analysis of credit cycles and banking activity in the euro zone. [First paragraph]

Keywords: Monetary policy; Euro zone; Credit; Quantitative easing; Financial stability; Politique monétaire; Crédit; Zone Euro; Stabilité financière (search for similar items in EconPapers)
Date: 2017-05-30
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03458747
References: Add references at CitEc
Citations:

Published in 2017

Downloads: (external link)
https://sciencespo.hal.science/hal-03458747/document (application/pdf)

Related works:
Working Paper: Where are we at in the euro zone credit cycle? (2017)
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:hal:journl:hal-03458747

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().