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2 results

  • 5 - ECB Monetary Policy during the Financial Crisis

  • from Part II - Crises, ECB Measures and the Macroeconomic Constitution
  • Klaus Tuori, Université du Luxembourg
  • Book:
    The European Central Bank and the European Macroeconomic Constitution
    Published online:
    15 September 2022
    Print publication:
    22 September 2022, pp 129-149

  • Summary

    The series of crises started with the global financial crisis that gained speed with the collapse of Lehman Brother in Autumn 2008. The ECB as any other major central bank became deeply involved in solving the crisis, which had eroded banks’ ability to trust each other. The ECB provided increasing amounts of liquidity to banks, and in many ways replaced interbank markets with its own operational framework. Other exceptional measures included easing and expanding of accepted collateral, purchases of high-quality covered bonds issued by banks. The constitutional analysis culminated on the question, whether the ECB measures can be classified as monetary policy. Generally, the provision of liquidity, even in some unusual forms, and its rationales were even classical monetary policy and similar to other central banks. The main objective was stability and sufficient liquidity in the euro area financial markets. The ECB did not give financial assistance to a Member State or their banks, and its independence was maintained. Only the later three-year LTROs could be assessed somewhat differently.

The New Economic Governance of the Eurozone
  • A Rule of Law Analysis
  • Paul Dermine
  • Published online:
    14 July 2022
    Print publication:
    28 July 2022
  • The Eurozone and the European Union have recently been confronted with a number of existential threats. The sovereign debt crisis and the COVID-19 pandemic have forced European decisionmakers to pass important reforms which have radically transformed the nature and scope of the Union's powers in the field of economic and fiscal policy. As the new economic governance of the Eurozone emerges as the main driver of integration in today's Europe, this book seeks to assess the solidity of the constitutional foundations supporting that system, and its compliance with the Union's core founding value: the rule of law. Using competence allocation, regulatory quality, access to external review and fundamental rights sustainability as analytical benchmarks, this book argues that the recent metamorphosis of Eurozone economic governance has not been accompanied by a parallel strengthening of its constitutional settlement, leading to a problematic misalignment between the Union's action and its governing principles.