Gern, Klaus-Jürgen; Kamps, Christophe; Meier, … - 2003
the ECB should bring the real interest rate back towards the long-run average once the depressing factors will have … Economic and Monetary Union. Whereas most countries have in the meantime complied with the goal of the Stability and Growth … lasted for two years. Monetary policy in the euro area is clearly expansionary. With only about 0.5 percent, the real …