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The ECB Blog

A European view on central banking and the economy

The ECB Blog offers new insights on the economy and central bank policies based on our data, analysis and research - for the euro area and beyond. Posts are authored by ECB staff and Executive Board members.

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18 April 2025

Low money market volatility benefits monetary policy transmission

Central banks usually seek to align very short-term interest rates in the money market with their own policy rate. But money market rates fluctuate also for reasons other than policy. This blog shows that monetary policy is more effective if such fluctuations are small.

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