Euro Area Monetary Policy In Uncharted Waters

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Executive Summary

The author analyzes the European Central Bank's (ECB's) response to the global financial crisis. The results suggests that even during the crisis, the core part of ECB's monetary policy transmission - from policy rates to market rates - has continued to operate, but at a decreased efficiency and also find some evidence that the ECB's non-standard measures, namely the lengthening of the maturity of monetary policy operations and the provision of funds at the fixed rate, reduced money market term spreads, facilitating the pass-through from policy to market rates.

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