Federal funds

The European Central Bank (ECB) uses the interest rate

tool to achieve its objectives. Among the bank’s many

objectives, price stability is of primary importance. The

refinancing rate, sometimes labeled “refi” rate, is considered

to be the equivalent of the federal funds rate in the

United States. In 2008, the refinancing rate was about

4 percent, but by the beginning of 2009 it declined to

1 percent. What do you think this suggest about the

monetary policy stance of the ECB in that period? Briefly


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