Isabel Schnabel on the ECB and its New Operational Framework
Macro Musings with David Beckworth
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Evolution of the ECB's Operational Framework
The chapter explores the history and evolution of the European Central Bank's operational framework, from the initial corridor system to the shift towards a demand-driven system. It discusses the impact of events like the global financial crisis and the sovereign debt crisis on the ECB's operational decisions and the introduction of unconventional monetary policies. The conversation compares the ECB's new framework with the US Federal Reserve's system and emphasizes the importance of adaptability in crisis situations.
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