Claeys, Grégory; Darvas, Zsolt; Merler, Silvia; Wolff, … - Bruegel - 2014
;Negative deposit rates for banksâ?? deposits at the ECB;Ending the sterilisation of bond holdings from the Securities Markets Programme … forecasts/expectations and actual inflation in the euro area Source: Datastream, ECB. Note: The HICP is defined as a 12-month … monetary union? 3.1. Key constraints The ECB's task is complicated by two very special circumstances. First, the euro area is a …