Central Banking, Monetary Policy, and the European Central Bank

2025/09/09 by E.Citera, L.Sau, D. Tropeano, E. Citera, L. Sau +1 · 1 voice
Economics, Econometrics and Finance · #European Monetary and Fiscal Policies

paper · doi:10.4337/9781035324279

openalex publication_date 2025/09/09 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/23

Abstract

This chapter analyses the effectiveness of the interest rate monetary policies implemented by the ECB over the past ten years. Following a critical analysis and discussion of the theoretical background of negative interest rate policy (NIRP) and interest rate increase to combat inflation, post-Keynesian ideas and policies are proposed and presented. A possible way out of the economic stagnation could be the implementation of public banks, a crucial node of monetary, as well as industrial and fiscal policy. This instrument is already present in the economic policy of many countries, and its implementation can be the trump card to face the challenges of this decade.

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