Κεντρικές τράπεζες και χρηματοπιστωτική κρίση: συγκριτική ανάλυση και αξιολόγηση των πολιτικών της FED και της ECB

Abstract

The aim of this paper is to examine the financial crisis from the perspective of the two central banks: the FED and the ECB. Undoubtedly, their role in addressing the crisis was and remain central. Despite this, the crisis has shaken the foundations of the central banking system. During the pre-crisis period, the recipe for success was simple, that is, follow the dictates of monetarist theory, keeping inflation in a narrow range through the control of short-term interest rate and the rest will be set by the market alone. It turned out, however, that price stability cannot offer any guarantee against severe economic crises and threats. The two Central Banks are forced to adopt monetary policy measures classified as "unconventional" and move beyond the politics of interest. The sovereign debt threat imposes collaboration, risk management tools and the introduction of macroeconomic stability by expanding the mission of the banks.