monetary policy for the euro area seems to have contributed significantly to the low trend growth rate in Germany between 1999 …

interest rates. However, a central bank aiming at price stability will only do so when the announcement of a policy of … coordination with monetary policy. According to the simulations, employment in Germany would increase by about 750,000 persons in …. Second, the statute of the ECB does not allow a binding commitment by the central bank. This does not mean, however, that the …