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The Current Policies of the ECB

In: The Euro and International Financial Stability

Author

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  • Efthymios G. Tsionas

    (Athens University of Economics and Business)

Abstract

Following its announcement of lower interest rates, the ECB decided to lend 489 million euros to selected European banks at the low rate of 1 % (December 21, 2011). This amounts to an increase in money supply by a significant amount and a further lowering of interest rates, at least for certain European banks and the projects that will be financed. What will be the likely effects of this policy action? According to the analysis of the Austrian school, the effect depends on how the monetary expansion will be distributed among consumption and production and also among the various branches of production and the various branches of consumption.

Suggested Citation

  • Efthymios G. Tsionas, 2014. "The Current Policies of the ECB," Financial and Monetary Policy Studies, in: The Euro and International Financial Stability, edition 127, chapter 0, pages 89-97, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-01171-4_16
    DOI: 10.1007/978-3-319-01171-4_16
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