Mere criticism of the ECB is no solution

Marcel Fratzscher (), Reint Gropp, Hans-Helmut Kotz, Jan Krahnen (), Christian Odendahl, Beatrice Weder di Mauro and Guntram Wolff

No 51, SAFE Policy Letters from Leibniz Institute for Financial Research SAFE

Abstract: The eurozone remains in a deep, largely macro-economic crisis. A robust global economy and falling oil prices have supported Europe´s economy for some time, but by now it is clear that the eurozone will only be able to pull itself out of this crisis by means of more decisive action. One response, the recent easing of monetary policy by the European Central Bank (ECB), has, for the most part, been sharply and onesidedly criticised in Germany. Monetary policy inaction seems to be the preferred option of many in Germany. The authors discuss the following question: What would happen if the ECB failed to respond to the excessively low inflation and the weak economy? And what economic policy would be suitable under the current circumstances, if not monetary policy?

Keywords: eurozone; crisis; monetary policy (search for similar items in EconPapers)
Date: 2015
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