7 See, e.g., Ball, L. (2009), “Hysteresis in Unemployment: Old and New Evidence”, NBER Working Paper  No 14818, March 2009. 8 European Commission (2016), “The Economic Impact of Selected Structural Reform Measures in Italy, France,  Spain and Portugal”, Institutional Paper 023, April 2016.
While further accommodation was initially provided by additional cuts in policy rates into negative territory, the APP became the tool for adjusting the level of monetary accommodation.