QE has positive spillovers into south-eastern Europe, ECB paper says


Non-standard monetary policy implemented by the European Central Bank (ECB) has resulted in “stronger” inflationary effects for some south-eastern European countries than for the eurozone itself, a paper published by the ECB says.

Using euro system balance sheet assets as the main measure of non-standard monetary policy, Isabella Moder finds price responses to expansionary non-standard monetary policy shocks is positive for all south-eastern European countries.

Serbia provides the strongest

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