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Where are we at in the euro zone credit cycle?
[Où en est-on du cycle de crédit dans la zone euro ?]

Author

Listed:
  • Christophe Blot

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Paul Hubert

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

In December 2016, the European Central Bank announced the continuation of its Quantitative Easing (QE) policy until December 2017. The continuing economic recovery in the euro zone and the renewal of inflation are now raising questions about the risks associated with this programme. On the one hand, isn't the pursuit of a highly expansionary monetary policy a source of financial instability? Conversely, a premature end to unconventional measures could undermine growth as well as the ECB's capacity to achieve its objectives. Here, we study the dilemma facing the ECB [in French] based on an analysis of credit cycles and banking activity in the euro zone. [First paragraph]

Suggested Citation

  • Christophe Blot & Paul Hubert, 2017. "Where are we at in the euro zone credit cycle? [Où en est-on du cycle de crédit dans la zone euro ?]," SciencePo Working papers Main hal-03458747, HAL.
    • Handle: RePEc:hal:spmain:hal-03458747
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03458747
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