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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
explain.
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