This combined approach allows the central bank to enjoy whatever benefits arise from changing the relative supplies of outstanding securities without risking the problems that may arise if the yields desired by the central bank are inconsistent with market expectations. III.
By the way, even within the European Union there is not yet a common market for digital products and the single market for services still has to be completed. 4. Strengthening the euro area’s resilience Facing economic challenges head-on will not only prove a boon to citizens’ prosperity: it will also raise the equilibrium real interest rate.