Series: Occasional Papers. 2026.
Author: Pablo Aguilar, Óscar Arce, Samuel Hurtado, Jaime Martínez-Martín, Galo Nuño and Carlos Thomas.
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Abstract
The ECB has responded forcefully to the challenges posed by the COVID-19 crisis for the euro area economy. This paper reviews the different monetary policy measures adopted by the ECB since the COVID-19 outbreak and explains their rationale. It also looks at several analyses of the impact of some of the main measures on both the Spanish economy and that of the euro area as a whole.