Campanella, Miriam L. - 2007
of the credit standards for loans to enterprises, the ECB, in a counter-cyclical effort, has managed to leave on hold … interest rate. As sound as sensible the ECB move can be seen, it appears the bank set to delay action on excess of liquidity …, as shown in the persisting overshooting of M3. The ECB rates halt, or a likely near-term cut, as some would suggest …