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Ecb Unconventional Monetary Policy And Sme Access To Finance, Maria Finnegan, Supriya Kapoor
Ecb Unconventional Monetary Policy And Sme Access To Finance, Maria Finnegan, Supriya Kapoor
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Small- and medium-sized enterprises (SMEs) account for two-thirds of employment in the euro area which makes them a priority for the transmission of monetary policy to the real economy. SMEs in Europe experienced a credit crunch following the sovereign debt crisis. Over the period 2014–2019, the European Central Bank (ECB) engaged in unconventional monetary policy (UMP) to restore funding conditions in the euro area, to support stronger economic growth and higher inflation. We use the ECB/EC Survey on the Access to Finance of Enterprises to examine the relationship between monetary policy and SME access to finance in countries that were …