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What will happen when interest rates go up?

The impact of rising interest rates on the euro area and Belgian economy against the background of monetary policy normalization and elevated debt positions

Estimating monetary policy reaction functions: A discrete choice approach

Working Paper N° 210

Effectiveness and transmission of the ECB's balance sheet policies

Working Paper N° 275

The transmission mechanism of credit support policies in the Euro Area

Working Paper N° 302

Monetary and fiscal policy in the euro area: independent but connected

A unified monetary policy but national fiscal policies in the euro area: what have we learnt over the last few years?

Interactions between monetary and macroprudential policy

The financial crisis has led to the adoption of macroprudential policies – also in Belgium - which do interact with monetary policy. This article deals with the interactions and possible conflicts between these two policy domains. We illustrate this by an assessment of the current situation. Although beneficial for macroeconomic and hence financial stability, the impact on financial risk taking of the unprecedented monetary easing requires close monitoring.

Causes and implications of the low level of the risk-free interest rate

Globalisation and monetary policy

The liquidity management of the Eurosystem during the period of financial turmoil

Interest rate policy or monetary base policy : implications for a central bank's balance sheet