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  "documentTitle": "What if the ECB raises its policy rates? Roland Berger Institute",
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      "text": "OVERVIEW OF THE ECB'S MAIN MONETARY INSTRUMENTS",
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      "text": "For several decades, central banks in advanced economies used policy rates as their primary tool for conducting monetary policy. The policy rates for the ECB are the rates for main-refinancing operations, the deposit facility and the marginal lending facility. Other conventional monetary tools include the steering of minimum reserve rates or other open market operations such as longer-term refinancing operations (LTROs). The global financial crisis (GFC) of 2007-2009 changed this, when asset purchases became a crucial tool in central banking, with interest rates setting losing its effectiveness as rates reached the effective lower bound. Although asset purchases were not a new tool for monetary policy, the extent and the consistency with which the tool was used was unprecedented. Additionally, forward guidance, which relates to the central bank's communication of the \"stance\" on monetary policy, has become an increasingly important tool since the GFC.",
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      "text": "Source: European Central Bank",
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      "text": "Since the global financial crisis, the ECB has expanded its monetary toolkit, relying increasingly on unconventional monetary policy tools such as asset purchases",
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