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The Governor's blog

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The Governor's Blog aims to share, in an above all instructive manner, useful knowledge in relation to the monetary policy of the Eurosystem, of which the BCL is an integral part. Beyond that, it serves to explain more generally the BCL's European, international and national missions, and to take up positions expressed by the Governor. Finally, it will also present the work (reports, working papers, published articles, etc.) carried out within or by the BCL.

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31.05.2021 - Blog post by Gaston Reinesch, Governor of the BCL

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THE EXCEPTIONAL MONETARY POLICY RESPONSE TO THE EXCEPTIONAL COVID-19 PANDEMIC

Summary

As an immediate response to the pandemic and its implications for economic and financial conditions the Governing Council launched several additional monetary policy measures. This article briefly describes the main measures taken in the aftermath of the pandemic.

20.05.2021 - Blog post by Gaston Reinesch, Governor of the BCL

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UNCONVENTIONAL MONETARY POLICY TOOLS ADOPTED BEFORE 2020

Summary

The previous blog article discussed the conventional monetary policy tools. This article provides an overview of the main unconventional monetary policy measures adopted by the Eurosystem between the global financial crisis of 2007-2008 and the outbreak of the COVID-19 pandemic in 2020 with focus on tools that are currently in operation.

 

06.04.2021 - Blog post by Gaston Reinesch, Governor of the BCL

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An overview of the main Eurosystem's monetary policy instruments in place

Summary

This is the first of three articles describing the instruments through which the Eurosystem implements monetary policy decisions.
This post recapitulates the conventional monetary policy tools, which were the main instruments used by the Eurosystem before the global financial crisis of 2007-2008.

19.02.2021 - Blog post by Gaston Reinesch, Governor of the BCL

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How does the Governing Council take monetary policy decisions?                       

Summary

This blog post gives an overview on the decision making process of the Governing Council and its communication aspects.