# The Monetary Policy Package: An Analytical Framework

> ECB Executive Board member Philip Lane explains the analytical framework behind the central bank's monetary policy package adopted on 12 March 2020. He notes that the coronavirus is a severe shock, with global PMI survey data having fallen sharply and containment measures likely to extend the downturn.

- Date: 2020-03-13 · published 2020-03-13T12:00:00.000Z
- Category: macro · region Euro area · magnitude medium
- Page: https://feedsoft.ai/events/6273-the-monetary-policy-package-an-analytical-framework
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

A weaker euro area growth outlook reduces expected demand for feed and energy, but the policy response is aimed at supporting liquidity, so the direct price impact on feed commodities is limited.

## Read by commodity

- EURUSD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2017-08-17 | [Account of the monetary policy meeting](https://feedsoft.ai/events/69662-account-of-the-monetary-policy-meeting.md) | +0.8% | +1.6% |
| EURUSD | 2017-02-16 | [Account of the monetary policy meeting](https://feedsoft.ai/events/72688-account-of-the-monetary-policy-meeting.md) | -0.1% | +1.3% |
| EURUSD | 2019-11-21 | [Account of the monetary policy meeting](https://feedsoft.ai/events/56279-account-of-the-monetary-policy-meeting.md) | -0.6% | +0.6% |
| EURUSD | 2023-02-16 | [Monetary policy after the energy shock](https://feedsoft.ai/events/37537-monetary-policy-after-the-energy-shock.md) | -0.9% | -0.6% |
| EURUSD | 2017-07-20 | [Monetary policy decisions](https://feedsoft.ai/events/70184-monetary-policy-decisions.md) | +1.0% | +1.6% |

## Sources

- ecb.europa.eu: https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200313~9e783ea567.mt.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.