Articles on the economy
With monetary policy normalisation proceeding, the ECB has begun a review of how it will implement monetary policy in the future.
The symmetry of the guideline for the monetary policy stance has recently attracted considerable attention in central banks’ communications.
The central bank is responsible for the reliability of payment systems and must be able to respond swiftly to developing payment forms. At the same time, access to cash must be ensured. In the final analysis, a flexible range of services benefits everyone.
In recent years central banks have eased monetary policy by conducting large-scale asset purchases and offering banks credit on affordable terms. These measures promote price stability and facilitate economic growth and employment.
The existence of a lower bound for nominal interest rates complicates the monetary policy. Central banks have lately tried to circumvent this problem by applying non-standard monetary policy measures.
Central banks have acted forcefully to provide monetary accommodation. With little room for manoeuvre for standard interest rate policy, unconventional measures have been adopted.