Mhux disponibbli bil-Malti
Sofia Gori
- 30 June 2025
- OCCASIONAL PAPER SERIES - No. 372Details
- Abstract
- This report focuses on the implications of the changed inflation environment for the ECB’s monetary policy strategy, including the lessons learned from both the low inflation and high inflation periods, and the transition from one to the other. The starting point of the report is the outcome of the Monetary Policy Strategy Review 2020-21. While the previous review was conducted in an economic environment of low inflation, with interest rates in proximity to the effective lower bound (ELB), the inflation surge that followed the COVID-19 pandemic underscores the importance of a monetary policy strategy that enables the Governing Council to effectively respond to major changes in the inflation environment.
- 13 January 2022
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2021Details
- Abstract
- This box explores new indicators of the financing conditions faced by euro area companies, based on firm-level survey data. Drawing on the rich dataset provided by the survey on the access to finance of enterprises (SAFE), three synthetic indicators summarise how firms have perceived their financing conditions in the euro area since 2009. Overall, the indicators suggest there have been several important phases in firms’ perceptions of financing conditions, which relate closely to ECB monetary policy measures. The empirical analysis shows that, after the onset of the pandemic, firms’ perceptions of financing conditions played an increasingly important role in explaining their expectations of the future availability of bank loans.
- JEL Code
- D22 : Microeconomics→Production and Organizations→Firm Behavior: Empirical Analysis
H32 : Public Economics→Fiscal Policies and Behavior of Economic Agents→Firm