Implementation of Monetary Policy in the Euro Area and the United States

The monetary policies of the Fed and the ECB have both been subject to significant changes since the 2008 financial crisis. The two central banks have had to adapt to recurring shocks (including, most recently, the COVID-19 pandemic and the inflation shock) by changing their instruments with a view to fulfilling their respective mandates. Following a period of low rates and ballooning balance shee... Lire la suite