ECB policy has been effective in credit markets, paper finds

Bank of Estonia research examines loan availability in eurozone from 2005 to 2022

European Union flags

Eurozone credit markets have been reacting as expected to changes in monetary policy over recent years, according to research published by the Bank of Estonia.

Natalia Levenko, an economist at the Bank of Estonia, examined the credit markets of 15 eurozone countries between 2005 and 2022. Her paper measures the availability of mortgages, consumer finance and corporate loans against changes in interest rates, Euribor and the interest rate spread.

Levenko finds that an expansionary monetary policy

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