Expert report

Monetary Policy in the Euro Area after Eight Years of Presidency of Mario Draghi – Where Do We Stand?

In-Depth Analysis prepared for the Monetary Dialogue of the European Parliament

Against the backdrop of slowing growth and subdued inflation in the euro area, we address the question to what extent additional monetary stimulus can be expected from the ECB if needed. We find that “more of the same” policies will probably not be effective and that there are no attractive alternatives there. After more than ten years of exceptionally loose monetary policy it is now the turn of fiscal and structural policies to reinvigorate the European economies.

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