Clerc, L.; Bordes, C. - Banque de France - 2010
This paper examines the art of central banking as practised by the European Central Bank (ECB) through the prism of … unconventional measures adopted by the ECB created interference between its monetary policy, its credit policy and its interest rate … credit policy, which is driven by short-term imperatives and consists in supplying the banking system with liquidity in the …