“How Has the Monetary Transmission Mechanism Evolved over Time?” in Benjamin M. Friedman and Michael Woodford, eds., Handbook of Monetary Economics, vol. 3. Amsterdam: Elsevier, pp. 369-422. - 13 Brand, Claus, Marcin Bielecki, and Adrian Penalver (2018). “The Natural Rate of Interest: Estimates, Drivers, and Challenges to Monetary Policy,” Occasional Paper Series 217. Frankfurt: European Central Bank, December, https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op217.en.pdf?57d8cac4d66960cce deb5c2a59dd46cd. Bullard, James (2018).
This fiscal environment would additionally benefit from the implementation of short-term debt relief measures, the specification of medium-to-long-term ones and a possible quantification of realistic fiscal targets for beyond 2018. More specifically, higher-than-targeted primary surpluses, together with the implementation of the agreed reforms, could facilitate the progressive easing of the tax burden without jeopardising fiscal sustainability.