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Faced with the economic impact of the coronavirus, central banks have responded with significant interest rate reductions and liquidity provisions, limiting their options for future adjustments.
Since the 2008 financial crisis, central banks have already significantly lowered their interest rates and increased their balance sheets through bulk asset purchasing programs (QE).
Future measures by central banks will be conditioned by low inflation rates.
In terms of economic growth, the effect of the expansionary monetary policies in the short to medium term has been positive, although there are indications of ever decreasing potential GDP growth.