欧洲央行：货币和财政政策互动：高政府债务时期价格稳定的风险（英文版）

The change in macroeconomic conditions since the ECB’s strategy review in 2021 towards an environment characterised by above-target inflation, high interest rates, and renewed concerns about elevated government debt has been a vocal reminder of the intricate interdependencies between monetary and fiscal policies. Against this background, our paper reviews the literature on how central banks’ ability to maintain price stability is shaped by their interactions with fiscal policy and the state o