Crisis Have Obliged European Central Bank to Move Away from its Immobility and Orthodoxy

  • Francisco Rodríguez Ortiz Universidad de Deusto
DOI: https://doi.org/10.18543/ced-54-2016pp155-178
Keywords: crisis, Euro, monetary policy, independence, debt

Abstract

Both, financial and economic turmoil have ended up in a serious crisis of public finances. This succession of crises has challenged ability from monetary policy to face them. European Central Bank has sacralised price stability as the core of its independence. It only decided to stand-up as lender of last resort through the implementation of non conventional monetary policies when it perceived that the mixture of Eurozone entering into a new recession alongside rising deflation risks and Greek crisis were menacing Euro currency survival. However, provided it is acting in loneliness, monetary policy will not be able to solve lack of structural growth prospects in the Eurozone.

Received: 01 September 2015
Accepted: 27 January 2016
Published online: 30 April 2016

Downloads

Download data is not yet available.
Published
2016-04-30
How to Cite
Rodríguez Ortiz, Francisco. 2016. “Crisis Have Obliged European Central Bank to Move Away from Its Immobility and Orthodoxy”. Deusto Journal of European Studies, no. 54 (April), 155-78. https://doi.org/10.18543/ced-54-2016pp155-178.
Issue
No. 54 (2016): Europa: impacto de la crisis, salidas y horizontes
Section
Articles

The author grants to the Publisher the distribution, public communication, and reproduction rights of her/his work subject of publication in Deusto Journal of European Studies (DJES), whichever the media may be, including the permission to include it in the databases where this Journal is indexed and in the institutional repository of the Universidad de Deusto.

Upon its publication, the content of any Issue of Deusto Journal of European Studies (DJES) can be accessed, read, downloaded, copies, and distributed freely for non-commercial purposes and in accordance with any applicable copyright legislation.

The content of Deusto Journal of European Studies (DJES) can be subsequently published in other media or journals, as long as the author clearly indicates in the first footnote that the work was published in Deusto Journal of European Studies (DJES) for the first time, indicating the Issue number, year, pages, and DOI (if applicable). Any other use of its content in any medium or format, now known or developed in the future, requires prior written permission of the copyright holder.

The content of the work published in Deusto Journal of European Studies (DJES) is each author's sole responsibility. The authors assume the responsibility of obtaining all the necessary licenses for the reproduction in their manuscripts of any text, material or illustration coming from another author, institution or publication. The liabilities that may arise from complaints for publishing plagiarised articles are the sole responsibility of the author.