European Central Bank Efforts for Covid-19 Referring to the Previous Crises
Keywords:ECB, COVID-19 crises, APP, Bank policies, Quasi-Fiscal Policy
AbstractConsidering the reaction of Italian Government directed to European Central Bank, I intend to search if the ECB have the same reactions for the Covid-19 crises as the bank had for the previous crises of 2008-2010 financial crises and the Eurozone debt crises. The paper covers the factors of the crises by analyzing the causes and the results of each crises very briefly and mainly making a comparison for the respecting responses that the bank had for each of them. It is noticed that the efforts or the responses are not the same, and in fact as the profiles of the crises are different it is hard to find same responses but the conclusion I could find is that responses are equivalent to each other for the three analyzed crises. The only difference is the time applied of its policies (and the dimension of time in quasi –fiscal policy applied is crucial) and the details for the APP (Asset Purchasing Program) which are not already published and the rate on interests. Of course by this conclusions I find it somehow very objective the Italian government reactions to the European Central Bank and the European Union identified as Union with the core value of “solidarity”. Of course the research need further studies to conclude if the responses of ECB itself are coherent with the macroeconomic situation of the whole world and if there is any connection between the policies taken by ECB.
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