On 6 June 2024, the European Central Bank (ECB) lowered the main refinancing operations (MRO) rate from 4.5% to 4.25%. This decision followed a period of elevated interest rates intended to combat high inflation in the euro area, which peaked at 10.6% in October 2022 in the aftermath of the...

Contents: Part I: Financing economic and social cohesion -- 1. Funding European solidarity / Ewald Nowotny, Doris Ritzberger-Grünwald, Helene Schuberth -- 2. The role of the European Union in fostering convergence / Benoît Cœuré -- Part II: The role of monetary policy in catching-up -- 3....