11 July 2012
Central Banks in Times of Crisis: The FED vs the ECB
The authors of this brief argue that the actions undertaken by the European Central Bank (ECB) in the euro crisis have not always represented the best response in terms of effectiveness, consistency and transparency. In order to understand and assess central banks’ reactions to the crisis, it is crucial to distinguish the first phase of the global financial crisis (2007-09), which was rather similar on both sides of the Atlantic, from the second stage of the crisis that erupted in Europe and it is unique to the euro area.
© 2012 Centre for European Policy Studies (CEPS)
Daniel Gros, Cinzia Alcidi, Alessandro Giovanni
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