Fighting Fires from Crisis to Crisis: The Evolution of Central Banking in Europe

Chang, Michele; Glöckler, Gabriel; Pierret, Laura

doi:10.1007/978-3-031-12338-2_15

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Fighting Fires from Crisis to Crisis: The Evolution of Central Banking in Europe

Chang, Michele; Glöckler, Gabriel; Pierret, Laura

2023 • In Costa, Olivier; Van Hecke, Steven (Eds.) The EU Political System After the 2019 European Elections

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https://hdl.handle.net/10993/52887

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10.1007/978-3-031-12338-2_15

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Keywords :

Central banking; ECB; Crises

Abstract :

[en] The year 2019 ushered in the end of an era for the European Central Bank when Mario Draghi stepped down as ECB President. The financial crisis left a legacy of central banks as “the only game in town”. The COVID-19 pandemic reinforced the role of central banks as critical firefighters during crises, in contrast to earlier periods. This contribution examines the evolution of central banking in Europe. First, it evaluates the ideational shifts that allowed for a more expansive interpretation of the role of a central bank. Second, it looks at the ECB’s response to the Covid-19 crisis and assesses the underlying reasons why the use of the bank’s balance sheet is here to stay. Third, it looks at these issues in a comparative perspective, contrasting the issues and policy responses faced by the ECB to those of the Bank of England and the US Federal Reserve. The final section concludes.

Disciplines :

Sociology & social sciences

Author, co-author :

Chang, Michele

Glöckler, Gabriel

Pierret, Laura ; University of Luxembourg > Faculty of Humanities, Education and Social Sciences (FHSE) > Department of Social Sciences (DSOC)

External co-authors :

yes

Language :

English

Title :

Fighting Fires from Crisis to Crisis: The Evolution of Central Banking in Europe

Publication date :

2023

Main work title :

The EU Political System After the 2019 European Elections

Author, co-author :

Costa, Olivier

Van Hecke, Steven

Publisher :

Palgrave Macmillan

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