ECB paper finds initial response to financial crisis was not good enough


Crisis measures implemented by the European Central Bank (ECB) up until the end of 2011 were not enough to restore credit to small- and medium-sized enterprises (SMEs) in parts of the eurozone, a working paper published by the ECB on March 25 has found.

The paper, Heterogeneous Transmission Mechanism: Monetary Policy and Financial Fragility in the Euro Area, by Matteo Ciccarelli, Angela Maddaloni and José-Luis Peydró, bases its results on a vector autoregressive model using data from 12 eurozone

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