Chapter 1. Introduction -- Chapter 2. The Sovereign Crisis, its Aftermath, and How Monetary Policy has Changed -- Chapter 3. The EU’s Crisis Governance vs Populism -- Chapter 4. The Fiscal and Political Implications of the ECB’s Non-Conventional Roles -- Chapter 5. The Growing Challenge of...

We study the evolving operating procedures used by the ECB since its creation. During the period up to 2015, bank reserves were scarce and the ECB, like other central banks, used a corridor system in which the money market rate could fluctuate within the bounds set by the lending and the deposit...