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IW Monetary Outlook: ECB at the Crossroads


  • Demary, Markus
  • Hüther, Michael


The ECB has left its policy interest rates unchanged despite inflationary pressures stemming from a strengthened recovery and from rising oil prices. Although the ECB's Governing Council did not discuss a renewal of the long-term refinancing operations, which will expire in 2020, its monetary policy stance is still too accommodative.

Suggested Citation

  • Demary, Markus & Hüther, Michael, 2017. "IW Monetary Outlook: ECB at the Crossroads," IW-Kurzberichte 27.2017, Institut der deutschen Wirtschaft (IW) / German Economic Institute.
  • Handle: RePEc:zbw:iwkkur:272017

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