This paper analyses the European central bank (ECB) monetary policy over the period 1999-2006, with a special emphasis on the recent years. We provide several estimates for the ECB's interest rate rule that put foward its forward looking behavior, and the existence of a direct activity goal. Policy implications follow.
FOURÇANS, A. and VRANCEANU, R. (2007). The ECB Monetary Policy: Choices and Challenges. Journal of Policy Modeling, pp. 181-194.