{"title":"The ECB's policy under the presidency of Mario Draghi: a curse or a blessing for Europe?","authors":"P. Bofinger","doi":"10.4337/ejeep.2020.02.06","DOIUrl":null,"url":null,"abstract":"The paper discusses the monetary policy of the European Central Bank (ECB) under the presidency of Mario Draghi. It first shows the serious mistakes made under his predecessor, Jean-Claude Trichet, during which period the ECB destabilized rather than stabilized. Draghi, on the other hand, embarked on a more expansive course immediately after taking office, thereby securing the existence of the euro in a very threatening situation. In 2014, he then identified the deflationary risks for the eurozone at an early stage and successfully countered them with massive bond purchases. The undesirable developments for the financial system and especially the banks predicted by his critics, who are to be found primarily among German economists, have not materialized.","PeriodicalId":44368,"journal":{"name":"European Journal of Economics and Economic Policies-Intervention","volume":"136 ","pages":"171-182"},"PeriodicalIF":0.8000,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Journal of Economics and Economic Policies-Intervention","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.4337/ejeep.2020.02.06","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
The paper discusses the monetary policy of the European Central Bank (ECB) under the presidency of Mario Draghi. It first shows the serious mistakes made under his predecessor, Jean-Claude Trichet, during which period the ECB destabilized rather than stabilized. Draghi, on the other hand, embarked on a more expansive course immediately after taking office, thereby securing the existence of the euro in a very threatening situation. In 2014, he then identified the deflationary risks for the eurozone at an early stage and successfully countered them with massive bond purchases. The undesirable developments for the financial system and especially the banks predicted by his critics, who are to be found primarily among German economists, have not materialized.
期刊介绍：
The European Journal of Economics and Economic Policies: Intervention (EJEEP) is a peer-reviewed journal which serves as a forum for studies in macroeconomic theory, economic institutions and economic policies. The managing editors aim for productive debates involving one or more variants of heterodox economics, and invite contributions acknowledging the pluralism of research approaches. The submission of both theoretical and empirical work is encouraged. The managing editors contend that a wide variety of institutional and social factors shape economic life and economic processes. Only a careful study and integration of such factors into economics will lead to theoretical progress and to competent economic policy recommendations. This was clearly demonstrated by the inadequacy of orthodox economics, based on neoclassical foundations, to provide suitable explanations and responses to recent financial and economic crises.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
