The Monetary Policy of the ECB, 2011

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"This book provides a comprehensive overview of the ECB's monetary policy. The third edition of the book takes into account new developments since the last edition was published in 2004. The implications for the legal framework of the entry into force of the Lisbon Treaty on 1 January 2009 have been taken into account. The overview of the main economic and financial features of the euro area economy has been updated with six years of additional data. In mid-2007 the Governing Council decided to embark upon a research programme to enhance upon the ECB's monetary analysis, the key results of which are presented together with the ECB's two-pillar monetary policy strategy. the flexible design and the broad range of instruments and procedures within the Eurosystem's operational framework have supported the ECB's bold response to the financial crisis, including the introduction of a number of non-standard monetary policy measures which are explained in this edition. Finally, the book provides a brief review of the conduct of monetary policy during nearly 12 years of EMU." --Foreword.