The ECB Monetary Policy Response to the Covid-19 Crisis (La respuesta de la política monetaria del Banco Central Europeo frente a la crisis del Covid-19)

28 Pages Posted: 14 Oct 2020

See all articles by Pablo Aguilar

Pablo Aguilar

Banco de España

Oscar Arce

Banco de España

Samuel Hurtado

Banco de España

Jaime Martinez-Martin

Banco de España

Galo Nuno

Banco de España

Carlos Thomas

Banco de España

Date Written: October 6, 2020

Abstract

English abstract: The ECB has responded forcefully to the challenges posed by the COVID-19 crisis for the euro area economy. This paper reviews the different monetary policy measures adopted by the ECB since the COVID-19 outbreak and explains their rationale. It also looks at several analyses of the impact of some of the main measures on both the Spanish economy and that of the euro area as a whole.

Spanish abstract: El Banco Central Europeo (BCE) ha desplegado una respuesta enérgica ante los desafíos planteados por la crisis del Covid-19 a la economía del área del euro. Este documento revisa las diferentes medidas de política monetaria adoptadas por el BCE desde la irrupción de la pandemia, y proporciona una explicación de su motivación, así como varios análisis del impacto de algunas de las principales medidas sobre la economía española y sobre el área del euro en su conjunto.

Note: Downloable document is in English.

Keywords: European Central Bank, asset purchases, refinancing operations

JEL Classification: E44, E52, E58

Suggested Citation

Aguilar, Pablo and Arce, Oscar and Hurtado, Samuel and Martinez-Martin, Jaime and Nuno, Galo and Thomas, Carlos, The ECB Monetary Policy Response to the Covid-19 Crisis (La respuesta de la política monetaria del Banco Central Europeo frente a la crisis del Covid-19) (October 6, 2020). Banco de Espana Ocassional Paper No. 2026, Available at SSRN: https://ssrn.com/abstract=3710471

Pablo Aguilar (Contact Author)

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Oscar Arce

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Samuel Hurtado

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

HOME PAGE: http://www.bde.es

Galo Nuno

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Carlos Thomas

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

HOME PAGE: http://www.bde.es

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