Central Banking and the Crisis. A Comparison of the Federal Reserve and the European Central Bank Measures, and the ECB’s Changing Role in the EU Economic Governance System
Central Banking and the Crisis. A Comparison of the Federal Reserve and the European Central Bank Measures, and the ECB’s Changing Role in the EU Economic Governance System
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Roman Czubala, M. y Puente Regidor, M. 2016. Central Banking and the Crisis. A Comparison of the Federal Reserve and the European Central Bank Measures, and the ECB’s Changing Role in the EU Economic Governance System. Oasis. 23 (jun. 2016), 147–167. DOI:https://doi.org/10.18601/16577558.n23.08.
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The European Central Bank (ECB) has received a lot of criticism for its too little, too late performance to ease market pressures during the economic crisis. At the same time, the ECB and the Federal Reserve (FED) have managed the new economic realities that have emerged in the international context differently. Despite the criticisms, the European Central Bank is the European Union institution that has assumed more control due to the new model of economic governance of the EU. Why did the Federal Reserve act so nimbly and quickly to calm the markets, while the ECB was so cautious in managing monetary policy? The aim of this paper is to perform a comparative analysis of the management of interest rates and other monetary policy measures undertaken by the Central Bank and the Federal Reserve during the economic crisis, as well as to understand the changes in the context of the ECB and the emergence of its authority within the European Union’s economic governance model since 2011. Thus, in order to carry out a scrupulous exposition, we will also limit the time frame of this study to the 2007-2014 period.
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Schwarzer, D. (2012). The Euro Area Crises, shifting power relations and institutional change in the European Union, Global Policy, 3, 28-41.
Sprague, O. M. W. (1914). The Federal Reserve Act of 1913. The Quarterly Journal of Economics, 28, 2, 213-254.
Tobias, A. (2013). Discussion of An Integrated Framework for Analyzing Multiple Financial Regulations. New York: Federal Reserve Bank of New York. Retriever from http://www.ijcb.org/journal/ijcb13q0a7.pdf
Treaty of Lisbon amending the Treaty on European Union and the Treaty establishing the European Community, signed in Lisbon, December 13, 2007. oj c 306, 17.12.2007
Yiangou, J., O’Keeffe, M. and Glöckler, G. (2013). Tough Love: How the ecb’s monetary financing prohibition pushes deeper Euro Area integration. Journal of European integration, 25 (3), 223-237.
Baldwin, R. (2009). The Great Trade Collapse: Causes, Consequences and Prospects. London: Voxeu y Centre for Economic Policy Research.
Bank of Spain (2015). La ampliación de los programas de compra de activos del BCE. Retriever from http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/BoletinEconomico/15/Mar/Fich/be1503.pdf
Blinder, A. and Zandi, M. (2010). Un estímulo bien empleado. Finanzas y desarrollo. Retriever from https://www.imf.org/external/pubs/ft/fandd/spa/2010/12/pdf/blinder.pdf
Cecchetti, S. and O’Sullivan, R. (2003). The European Central Bank and the Federal Reserve. Oxford Review of Economic Policy, 19 (1), 30-43.
Chang, M. (2015). The rising power of the ecb: the case of the single supervisory mechanism. Paper prepared for the biennial conference of the European Union Studies Association, 5-7. Retriever from https://eustudies.org/conference/papers/download/24
CNNExpansión (2007). Inflación, el principal temor de la fed. Retriever from http://www.cnnexpansion.com/economia/2007/7/19/inflacion-el-principal-temor-de-la-fed
Cour-Thimann, P. and Winkler, B. (2012). The ECB’S non-standard monetary policy measures: the role of institutional factors and financial structure. Oxford Review of Economic Policy, 28, 765-803.
De Grauwe, P. (2014). Economics of the Monetary Union. Oxford: Oxford University Press
Diamond, D. y Rajan, R. (2009). The Credit Crisis: Conjectures about Causes and Remedies. American Economic Review, 99 (2).
Dyson, K. y Featherstone, K. (1999). The road to Maastricht. Negotiating Economic and Monetary Union. Oxford: Oxford University Press
El Mundo (2007). Turbulencias financieras. EE.UU. baja el precio del dinero ante el miedo a una recesión. Retriever from http://www.elmundo.es/papel/2007/08/18/European Central
Bank (2010). Asset Price bubbles and monetary policy revisited. Retriever from https://www.ecb.europa.eu/pub/pdf/other/art1_mb201011en_pp71-83en.pdf
European Council (2012). Towards a Genuine Economic and Monetary Union. Retriever from http://www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/ec/134069.pdf
G20 (s.f.). Declaration of the Summit on Financial Markets and the World Economy. Retriever from http://www.g20.utoronto.ca/2008/2008declaration1115.html
González-Páramo, J. M. (2012). La gestión del Banco Central Europeo ante la crisis. Revista de Economía Mundial, 30, 83-102.
Granell Trias, F. (2009). Las medidas contra la crisis, sus problemas y su impacto intergeneracional. La primera crisis global: procesos, consecuencias y medidas. ice (850), 57-72.
Hernández de Cos, P. (2010). El papel de la política fiscal en la crisis económica. Presupuesto y Gasto público, 59. Instituto de Estudios Fiscales.
Institute for International Political Economy Berlin (2014). Policy-making of the European Central Bank during the crisis: Do personalities matter? Retriever from http://www.boeckler.de/pdf/v_2014_10_30_basham_roland.pdf
International Monetary Fund (2015). Global Financial Stability Report. Retriever from https://www.imf.org/external/spanish/pubs/ft/gfsr/2015/01/pdf/sums.pdf
Laroisière, J. (2009). The high-level group on financial supervision in EU. Retriever from http://ec.europa.eu/finance/general-policy/docs/de_larosiere_report_en.pdf
Malo de Molina, J. L. (2013). La respuesta del Banco Central Europeo a la crisis. Banco de España. Boletín económico, 115-124.
National Bureau of Economic Research (2011). Monetary Policy Strategy: Lessons From The Crisis.Retriever from https://www.imf.org/external/np/seminars/eng/2011/res2/pdf/fm.pdf
Noeth, B. and Sengupta, R. (2012). Global European Banks and the Financial Crisis. Federal Reserve Bank of St. Louis Review, 457-481.
Organisation for Economic Co-operation and Development (OECD) (2007). OECD economic outlook 82. Retriever from http://biblioteca.hegoa.ehu.es/system/ebooks/16677/original/2.pdf?1400066325
Puente Regidor, M. (2013). Hacia un nuevo modelo de supervisión y regulación financiera en la Unión Europea: retos y perspectivas (forthcoming book chapter). Toulouse: University of Toulouse.
Schwarzer, D. (2012). The Euro Area Crises, shifting power relations and institutional change in the European Union, Global Policy, 3, 28-41.
Sprague, O. M. W. (1914). The Federal Reserve Act of 1913. The Quarterly Journal of Economics, 28, 2, 213-254.
Tobias, A. (2013). Discussion of An Integrated Framework for Analyzing Multiple Financial Regulations. New York: Federal Reserve Bank of New York. Retriever from http://www.ijcb.org/journal/ijcb13q0a7.pdf
Treaty of Lisbon amending the Treaty on European Union and the Treaty establishing the European Community, signed in Lisbon, December 13, 2007. oj c 306, 17.12.2007
Yiangou, J., O’Keeffe, M. and Glöckler, G. (2013). Tough Love: How the ecb’s monetary financing prohibition pushes deeper Euro Area integration. Journal of European integration, 25 (3), 223-237.
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