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The new decrease of interest rates by the ECB will be totally ineffective

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  • Eric Dor

    (IESEG School of Management (LEM-CNRS))

Abstract

On May 2 the ECB has decreased the interest rate on the main refinancing operations of the Eurosystem by 25 basis points, to 0.50%, starting from the operation to be settled on 8 May 2013. The interest rate on the marginal lending facility will also be decreased by 50 basis points, to 1.00%. This short paper explains the structural reasons why the current monetary policy conducted by the ECB is ineffective.

Suggested Citation

  • Eric Dor, 2013. "The new decrease of interest rates by the ECB will be totally ineffective," Working Papers 2013-ECO-05, IESEG School of Management.
    • Handle: RePEc:ies:wpaper:e201305
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