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The European monetary policy responses during the pandemic crisis

Author

Listed:
  • Pierpaolo Benigno
  • Paolo Canofari
  • Giovanni Di Bartolomeo
  • Marcello Messori

Abstract

This paper uses an event-based analysis to describe how the European Central Bank's (ECB's) policy responses to the pandemic crisis have affected the European financial and economic system. The result of our exercise, which is based on the examination of the main measures taken by the ECB during 2020, is that these responses have positively affected the European economic system by improving banks' lending activity and by indirectly creating room for expansionary fiscal policies in the euro area's high-debt countries that do not have fiscal capacity.

Suggested Citation

  • Pierpaolo Benigno & Paolo Canofari & Giovanni Di Bartolomeo & Marcello Messori, 2022. "The European monetary policy responses during the pandemic crisis," CIMEO Working Paper Series 151, Centre for Investigation and Modelling of Experimental Observations (CIMEO).
    • Handle: RePEc:ter:wpaper:00151
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    Cited by:

    1. António Afonso & Jorge Braga Ferreira, 2025. "The ECB's Pandemic Emergency Purchase Programme and Fiscal Policy: Synergies or Conflict?," CESifo Working Paper Series 11864, CESifo.
    2. Barbieri, Claudio & Guerini, Mattia & Napoletano, Mauro, 2026. "When Credit Growth Diverges: Common Dynamics and Regional Heterogeneity in Italy," FEEM Working Papers 399465, Fondazione Eni Enrico Mattei (FEEM).
    3. Claudio Barbieri & Mattia Guerini & Mauro Napoletano, 2026. "When Credit Growth Diverges: Common Dynamics and Regional Heterogeneity in Italy," GREDEG Working Papers 2026-13, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    4. Lucien Rigaux, "undated". "The Redistributive Transformation of Fiscal Policy in Times of High Debt in Belgium (1912–2024): From Ability-to-Pay Taxation to Competitive Adjustment," ULB Institutional Repository 2013/406545, ULB -- Universite Libre de Bruxelles.

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