The ECB Monetary Policy Response to the Covid-19 Crisis (La respuesta de la política monetaria del Banco Central Europeo frente a la crisis del Covid-19)

English abstract: The ECB has responded forcefully to the challenges posed by the COVID-19 crisis for the euro area economy. This paper reviews the different monetary policy measures adopted by the ECB since the COVID-19 outbreak and explains their rationale. It also looks at several analyses of the impact of some of the main measures on both the Spanish economy and that of the euro area as a whole. Spanish abstract: El Banco Central Europeo (BCE) ha desplegado una respuesta energica ante los desafios planteados por la crisis del Covid-19 a la economia del area del euro. Este documento revisa las diferentes medidas de politica monetaria adoptadas por el BCE desde la irrupcion de la pandemia, y proporciona una explicacion de su motivacion, asi como varios analisis del impacto de algunas de las principales medidas sobre la economia espanola y sobre el area del euro en su conjunto. Note: Downloable document is in English.