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Fifteen Years of Single Monetary Policy in the Euro Area: A Bird’s Eye View, Effects on Italian Banks During the Crisis, and Lessons to Draw

Author

Listed:
  • Vincenzo Chiorazzo

    (ABI-Economic Research Department, Rome)

  • Pierluigi Morelli

    (ABI-Economic Research Department, Rome)

Abstract

In the first fifteen years of its life the ECB has delivered price stability through an accommodative monetary policy stance. It has played a crucial role during the sovereign crisis. At the start of 2012, the severe liquidity stress, fixed through the LTROs, has signalled that Italian banks have to address their funding gap problem. To do it without hurting credit flows, a resumption of domestic savings is needed. Thus, the real lesson for Italian banks (and for Italy) is that the ultimate way out of the crisis lies in a quantum leap in the capability of generating higher profits (and income).

Suggested Citation

  • Vincenzo Chiorazzo & Pierluigi Morelli, 2014. "Fifteen Years of Single Monetary Policy in the Euro Area: A Bird’s Eye View, Effects on Italian Banks During the Crisis, and Lessons to Draw," Rivista di Politica Economica, SIPI Spa, issue 2, pages 71-88, April-Jun.
  • Handle: RePEc:rpo:ripoec:y:2014:i:2:p:71-88
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    More about this item

    Keywords

    ECB; monetary policy; LTRO; OMT; banks; profitability;
    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

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