We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on counterfactual interest rate paths that would have materialised in the absence of the policies, the macroeconomic effects are measured using structural vector autoregressions. In the...

With the rise in interest rates and the phasing out of ECB's asset purchase programmes, highly indebted countries such as Italy and Greece are facing a sharper rise in their bond yields than Germany - a development often referred to as `bond market fragmentation'. In response, the Governing...