This book offers the most systematic analysis available of the impact of European Central Bank monetary policy on the national economies of the Eurozone. There has been a large increase in research into better understanding how changes in monetary policy affect these economies since Central Banks have become accountable for meeting specific targets in inflation, output and employment. The research to date has largely focused on national central banks, pioneered by the study of the U.S. Federal Reserve Bank and the impacts of its policy decisions on the U.S. economy.