Abstract
Against the backdrop of the present international financial and economic crisis this article looks into the issue of the interdependence of US monetary policy and monetary policy in the euro area. Is there a significant interdependence? If so, what is the nature and intensity of this interdependence? Has the ECB been infl uenced by the Fed or vice versa and to what degree? Has the relationship changed in recent years, and if so, in what direction?
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Member of the Panel of Experts of the Committee on Economic and Monetary Affairs of the European Parliament to which the article was first presented as a Briefing Paper for the Monetary Dialogue with the President of the European Central Bank in September 2008. The author gratefully acknowledges the very helpful comments of Hans Blommestein and Edin Mujagic and the excellent research assistance of Rob Nijskens.
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Eijffinger, S.C.W. How much inevitable US-Euro Area interdependence is there in monetary policy?. Intereconomics 43, 341–348 (2008). https://doi.org/10.1007/s10272-008-0267-6
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DOI: https://doi.org/10.1007/s10272-008-0267-6