#3055. The trilemma of expansionary monetary policy in the Euro area during the COVID-19 crisis

November 2026publication date
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Finance;
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Abstract:
This article adds to the existing knowledge by proposing a new theoretical model of the trilemma for the monetary union case. Accordingly, there is a trade-off between stabilizing the monetary union, maintaining free capital mobility, and curtailing expansionary monetary policy. The results highlight the importance of resolving this trilemma without compromising the currency and financial stability.
Keywords:
Corona crisis; Euro area; European Central Bank; Financial stability; Free capital mobility; Monetary policy; Policy trilemma

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