Bank of Italy: ECB’s flexible operational framework assisted crisis response

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A Bank of Italy paper published on December 28 says the European Central Bank's (ECB) flexible operational framework enabled it to provide liquidity to the banking system more easily than the Federal Reserve.

Martina Cecioni, Giuseppe Ferrero and Alessandro Secchi, the paper's authors, review empirical evidence on the effectiveness of unconventional monetary policy measures adopted by the ECB and Federal Reserve to help better define an optimal unconventional toolbox. The authors say that, while

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