. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
5.6.1 European Monetary Policy . . . . . . . . . . . . . . . . . . . . . . 126
5.6.2 Possible Extensions … important asymmetry in the transmission mechanism of monetary
policy in Europe in addition to the difierence in the economic … ation policy. Our conclusion is that the most independent central banks are in
countries where in ation falls in response to …