Economic and Monetary Unión is a big endeavor leading towards the integration of European Unión economies. It involves the coordination of economic and fiscal policies, a common monetay policy and a common currency, the Euro. From the 28 member states of the European Unión (EU hereinafter), 19 of them have reached a higher degree of integration and have adopted the euro. The current económic crisis that started in 2007 has led the European Central BAnk (ECB) to apply non-standard measures like quantitative easing (QE) to avoid deflation and increase output in the euro área. This work explains the non-standard measures tha have been applied in the euro área until now. It also estimates an autoregressive vector (VAR) to quantify the expected effects of QE on production, prices, interest rates and Exchange rates in the euro area.Facultad de Ciencias de la EmpresaUniversidad Politécnica de Cartagen
