data to precisely analyze how the vocal emo- tions and language of ECB President Mario Draghi affect the yields and yield … spreads of major euro area economies. This novel approach to central bank communication reveals that vocal and verbal emotions …

This report focuses on the implications of the changed inflation environment for the ECB's monetary policy strategy …. The starting point of the report is the outcome of the Monetary Policy Strategy Review 2020-21. While the previous review … (ELB), the inflation surge that followed the COVID-19 pandemic underscores the importance of a monetary policy strategy …

This report offers a strategic view on the economic and inflation environment in the euro area as part of the monetary … environment the ECB is likely to face. It also draws conclusions regarding the enhancements that need to be made to the existing … policy strategy assessment 2025. It reassesses the factors shaping the inflation and economic environment in light of the …

This paper considers the past, present, and future of the ECB monetary policy. Looking backwards, the ECB has succeeded … in navigating through several crises. Looking forward, the paper examines some of the main challenges confronting the ECB …

COVID-19 pandemic of 2020-2023, the European Central Bank (ECB) implemented an unconventional monetary policy aimed at …In its response to the economic and financial crises of 2008, the sovereign debt and euro crisis of 2010-2015, and the … excess liquidity derived from the ECB's unconventional operations, and over its management. …

We examine the differential impact of monetary policy and macroprudential policy on bank lending rates in the euro area … predictions of a stylized theoretical model of bank lending rates, monetary policy exerts an order of magnitude larger impact on … lending rates than macroprudential policy. Second, the effectiveness of monetary policy transmission weakens when interest …

We evaluate how the euro area economy would have performed since mid-2021 under alternative monetary policy strategies …. We use the ECB's workhorse estimated DSGE model and contrast actual policy conduct against alternative strategies which … evaluating monetary policy on real-time quarterly vintages of incoming data and projections, the alternative interest rate paths …