https://www.ecb.europa.eu/pub/pdf/other/art01_eb201504.en.pd https://www.ecb.europa.eu/pub/pdf/other/art01_eb201504.en.pd The balance sheet is used to direct e

https://www.ecb.europa.eu/pub/pdf/other/art01_eb201504.en.pd https://www.ecb.europa.eu/pub/pdf/other/art01_eb201504.en.pd The balance sheet is used to direct effective interest rates intramarket -- not a separate knob.