How High Are the Costs of the ECB’s Low-Interest Rate Policy for Germany?

Nominal interest rates in the euro area have been forced down to historically low levels since spring 2010 thanks to a sweeping policy of cheap money. Gerhard Rösl, Ostbayerische Technische Hochschule Regensburg and Karl-Heinz Tödter, Bundesbank director, look at the costs of this monetary policy.