Reference : Fighting Fires from Crisis to Crisis: The Evolution of Central Banking in Europe
Parts of books : Contribution to collective works
Social & behavioral sciences, psychology : Sociology & social sciences
Fighting Fires from Crisis to Crisis: The Evolution of Central Banking in Europe
Chang, Michele []
Glöckler, Gabriel []
Pierret, Laura mailto [University of Luxembourg > Faculty of Humanities, Education and Social Sciences (FHSE) > Department of Social Sciences (DSOC) >]
The EU Political System After the 2019 European Elections
Costa, Olivier
Van Hecke, Steven
Palgrave Macmillan
[en] Central banking ; ECB ; Crises
[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.

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