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Giada Bozzelli
- 2 October 2025
- THE ECB BLOGUncertainty is a key force shaping economic conditions. This post shows that heightened uncertainty about economic policy in the United States significantly affects firm lending in the euro area. This weighs on investment and reduces the effectiveness of monetary policy.Details
- JEL Code
- E00 : Macroeconomics and Monetary Economics→General→General