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Quantitative tightening in the euro area

The Sound of Economics

CHAPTER

The Trade-Off Between Monetary and Financial Stability

I don't see a big trade-off between monetary and financial stability. I would tend to think that it looks idiosyncratic for the moment, but we will see. The deposit guarantee in the US now creates expectations that go beyond the US. In some ways, it's sort of shocking the shotgun wedding hadn't happened three times already. So I'm not sure that there's a problem in the immediate response.

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