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The Eurosystem’s monetary policy following the end of net asset purchases


  • Óscar Arce
  • Galo Nuño
  • Carlos Thomas


This article analyses the monetary policy conduct framework in the euro area following the end of net purchases under the financial asset purchase programme. First, there is a review of the monetary policy measures since 2014 and of the ECB’s announcements on the future course of its instruments, comparing the recent changes in euro area monetary policy with the normalisation of US monetary conditions initiated by the Federal Reserve in 2013. Second, the authors analyse the main instruments currently available to the ECB (forward guidance on interest rates and its asset portfolio reinvestment policy), and discuss how both instruments provide monetary stimulus in the current setting.

Suggested Citation

  • Óscar Arce & Galo Nuño & Carlos Thomas, 2019. "The Eurosystem’s monetary policy following the end of net asset purchases," Economic Bulletin, Banco de España, issue MAR.
  • Handle: RePEc:bde:journl:y:2019:i:3:d:aa:n:4
    Note: Analytical Articles

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    More about this item


    central bank balance sheet; unconventional monetary policy; reinvestments;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates


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