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ECB Monetary Policy and the Euro during the Crisis

  • Athanasios Vamvakidis
Part of the Palgrave Macmillan Studies in Banking and Financial Institutions book series (SBFI)

Abstract

The Eurozone crisis and its aftershocks have forced the ECB to move into uncharted territory. Historically low interest rates and even negative deposit rates, various asset purchase programs, bank liquidity support, forward guidance, and recently open-ended quantitative easing (QE) have all been used to address tail risks from sovereign and bank sector shocks and deflation risks. The ECB has become the subject of criticism because of these measures. Some have argued that it has been behind the curve, acting too late and not aggressively enough. Others have argued that the central bank has already gone too far. The verdict is still out, but the fact is that the ECB’s crisis management has so far avoided the worst and the euro has survived for now, but the Eurozone’s recovery has been very weak.

Keywords

Monetary Policy Central Bank Taylor Rule Current Account Balance Quantitative Ease 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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References

  1. Melander, Ola, Miguel Segoviano, Malika Pant and Athanasios Vamvakidis (2011). “Dancing spreads: Market assessment of contagion from the crisis in the euro periphery based on distress dependence analysis.” International Advances in Economic Research, 17.Google Scholar
  2. Vamvakidis, Athanasios (2009). “Is there a “Reform Fatigue” in the euro area?” Economic Modelling, 26.Google Scholar

Copyright information

© Athanasios Vamvakidis 2015

Authors and Affiliations

  • Athanasios Vamvakidis

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