Tober, Silke - Institut für Makroökonomie und Konjunkturforschung - 2016
The ECB's expansionary monetary policy has positive effects on the euro area economy. Interest rates have declined … aggravate global imbalances and impact negatively on less-than-robust global growth. Expansionary fiscal policy therefore needs … to add to the effects of monetary policy.The euro area, moreover, suffers a key problem that not only impedes monetary …