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KBW 5: The report addresses potential effects on the German economy by the extremely expansionary monetary policy of the Eurosystem with large liquidity flows into Germany. The authors discuss various monetary transmission channels from a theoretical...

The European Central Bank (ECB) continues its low interest rate policy. Since it relies on the average price development in the euro area for its monetary policy, a key rate currently amounting to 0.15 percent appears to be appropriate as inflation...