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  "documentTitle": "What if the ECB raises its policy rates? Roland Berger Institute",
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      "text": "ECB TARGET INTEREST RATES [%]",
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      "text": "Key interest rates in the euro area have sunk to historic lows after the GFC, as the ECB sought to provide indebted economies with the opportunity to boost growth with cheap financing conditions. Since then, the ECB has raised policy rates only once. Target interest rates have been at 0% for nearly six years now.",
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      "text": "While central banks' balance sheets had already been mounting sharply after the global financial crisis, the magnitude has been taken to another level in the past decade. This is mainly due to the surge of the ECB' asset purchase program (securities of euro area residents) as well as the increase in lending to euro area credit institutions.",
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      "text": "Source: ECB",
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      "text": "The ECB's target interest rates are at historic lows, while its balance sheet has ballooned since the global financial crisis",
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