Tober, Silke - Institut für Makroökonomie und Konjunkturforschung - 2016
The ECB's expansionary monetary policy has positive effects on the euro area economy. Interest rates have declined … to add to the effects of monetary policy.The euro area, moreover, suffers a key problem that not only impedes monetary … policy effectiveness but also constrains fiscal policy and puts the future stability of the euro area at risk: With the …