The evolving role of the Eurosystem and its national central banks


It is now almost seven years since major central banks first deployed bold ‘unconventional’ policies. These exceptional measures were made in response to exceptionally dire times. In the Eurosystem, which comprises the European Central Bank (ECB) and eurozone central banks, the implementation of such measures exemplified the flexibility of our operating framework. But it also tested the resilience of our institutions and founding principles.

In the aftermath of the crisis, unconventional monetar

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