The ECB's policy under the presidency of Mario Draghi: a curse or a blessing for Europe?

IF 0.8 Q3 ECONOMICS

European Journal of Economics and Economic Policies-Intervention Pub Date : 2020-09-01 DOI:10.4337/ejeep.2020.02.06

P. Bofinger

引用次数: 0

Abstract

The paper discusses the monetary policy of the European Central Bank (ECB) under the presidency of Mario Draghi. It first shows the serious mistakes made under his predecessor, Jean-Claude Trichet, during which period the ECB destabilized rather than stabilized. Draghi, on the other hand, embarked on a more expansive course immediately after taking office, thereby securing the existence of the euro in a very threatening situation. In 2014, he then identified the deflationary risks for the eurozone at an early stage and successfully countered them with massive bond purchases. The undesirable developments for the financial system and especially the banks predicted by his critics, who are to be found primarily among German economists, have not materialized.

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德拉吉(Mario Draghi)领导下的欧洲央行政策:对欧洲是祸还是福?

本文讨论了马里奥·德拉吉(Mario Draghi)担任主席期间欧洲中央银行(ECB)的货币政策。它首先显示了他的前任让-克洛德•特里谢(Jean-Claude Trichet)所犯的严重错误，在特里谢任内，欧洲央行非但没有稳定，反而变得不稳定。另一方面，德拉吉在上任后立即采取了更为宽松的政策，从而在非常危险的情况下确保了欧元的存在。2014年，他在早期阶段就发现了欧元区的通缩风险，并通过大规模购买债券成功应对了这些风险。他的批评者(主要是德国经济学家)所预测的金融体系，尤其是银行的不良发展，并没有成为现实。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Journal of Economics and Economic Policies-Intervention ECONOMICS-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The European Journal of Economics and Economic Policies: Intervention (EJEEP) is a peer-reviewed journal which serves as a forum for studies in macroeconomic theory, economic institutions and economic policies. The managing editors aim for productive debates involving one or more variants of heterodox economics, and invite contributions acknowledging the pluralism of research approaches. The submission of both theoretical and empirical work is encouraged. The managing editors contend that a wide variety of institutional and social factors shape economic life and economic processes. Only a careful study and integration of such factors into economics will lead to theoretical progress and to competent economic policy recommendations. This was clearly demonstrated by the inadequacy of orthodox economics, based on neoclassical foundations, to provide suitable explanations and responses to recent financial and economic crises.