The EGR valve position (EVP) sensor can fail on this vehicle. The EVP sensor measures the EGR valve position and transmits the date to the engine control computer. If it fails, drivability and fuel economy can suffer, the Check Engine Light will commonly illuminate.
Problems for specific Mercury Grand Marquis years:
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Repairpal verified 2001 Mercury Grand Marquis problems
The composite (plastic) intake manifold may crack near the thermostat housing and cause a coolant leak. Ford released an updated manifold that was reinforced to prevent a recurrence. No recall was issued for this problem but Ford did extend the warranty to seven years on some models from the date of purchase.