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The Concrete Euro – Implementing Monetary Policy in the Euro Area - Oxford Scholarship Online
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The Concrete Euro: Implementing Monetary Policy in the Euro Area

Paul Mercier and Francesco Papadia


This book gives an analytical account of the technology for the monetary policy implementation of the European Central Bank. The issue is looked at from different perspectives, corresponding to different chapters. The first chapter addresses the issue from a theoretical point of view, taking both a positive and a normative approach and considering both normal and stressed conditions. The stabilization of a short-term rate of interest in normal conditions and the countering of liquidity risk in a financial crisis are considered the objectives of monetary policy implementation. The approach in t ... More

Keywords: monetary policy, euro area, European Central Bank, short-term rate, liquidity risk, financial crisis

Bibliographic Information

Print publication date: 2011 Print ISBN-13: 9780199557523
Published to Oxford Scholarship Online: May 2011 DOI:10.1093/acprof:oso/9780199557523.001.0001


Affiliations are at time of print publication.

Paul Mercier, editor
Principal Adviser, European Central Bank

Francesco Papadia, editor
Director General, European Central Bank

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