EMU and the Sovereign Debt Crisis—Legal Aspects of Monetary Policy Responses and the Banking Union

2017 ◽  
pp. 129-138
Author(s):  
Christoph Herrmann ◽  
Corinna Dornacher
Keyword(s):  
Monetary Policy ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Legal Aspects ◽  
Banking Union ◽  
Sovereign Debt Crisis ◽  
Policy Responses

scholarly journals ECB policy responses between 2007 and 2014: A chronological analysis and an assessment of their effects

2016 ◽  
Vol 63 (4) ◽  
pp. 455-473 ◽  
Author(s):  
Carlos Rodríguez ◽  
Carlos Carrasco
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Interest Rates ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Lender Of Last Resort ◽  
Policy Responses ◽  
The One ◽  
The Global Financial Crisis

The paper analyses the monetary policy responses of the European Central Bank (ECB) to the global financial crisis and the European sovereign debt crisis. Our goals are on the one hand to explain chronologically the main measures in conventional and unconventional policies adopted by the ECB and on the other hand to analyse their effects on key interest rates, monetary aggregates and the money multiplier. The assessment is that the ECB?s monetary policy responses to the crisis have been ?too little, too late?, constrained by the institutional framework, which prevents the ECB from acting as a true central bank with the role of lender of last resort.

scholarly journals The European Sovereign Debt Crisis

2012 ◽  
Vol 26 (3) ◽  
pp. 49-68 ◽  
Author(s):  
Philip R Lane
Keyword(s):  
Crisis Management ◽  
Euro Area ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Banking Union ◽  
Sovereign Debt Crisis ◽  
European Level ◽  
Original Design ◽  
European Sovereign Debt Crisis ◽  
Crisis Conditions

The origin and propagation of the European sovereign debt crisis can be attributed to the flawed original design of the euro. In particular, there was an incomplete understanding of the fragility of a monetary union under crisis conditions, especially in the absence of banking union and other European-level buffer mechanisms. Moreover, the inherent messiness involved in proposing and implementing incremental multicountry crisis management responses on the fly has been an important destabilizing factor throughout the crisis. After diagnosing the situation, we consider reforms that might improve the resilience of the euro area to future fiscal shocks.

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