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Theoretical and Applied Economics
No. 2 / 2023 (635), Summer

An analysis regarding the transition from quantitative easing to quantitative tightening in the Euro Area

Laura-Mădălina IACOB (PÎRȘCOVEANU)
Bucharest University of Economic Studies, Romania

Abstract. In the context of accelerating inflation growth in 2021-2022 in the Euro Area, the ECB is considering tightening monetary policy, i.e. moving from a quantitative easing (QE) monetary policy that has been practiced for almost a decade in the Euro Area to a quantitative tightening (QT) monetary policy. This article examines what this transition entails as QE provides an easing of financial conditions on a broader scale by reducing long-term interest rates, while the adoption of QT should have the opposite effect, although not necessarily of the same magnitude, i.e. reducing the size of a central bank's asset balance sheet.

Keywords: monetary policy, quantitative tightening, quantitative easing, Euro Area.

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016

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