Hartmann, Philipp; Smets, Frank - 2018
On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a comprehensive view of the ECB's monetary … developments in the euro area since the adoption of the euro in 1999, going through four cyclical phases "conditioning" ECB … monetary policy. We describe the monetary policy decisions from the ECB's perspective and against the background of its …