SOGEI website background

Challenges ahead for the European Central Bank: navigating in the Dark?

Challenges ahead for the European Central Bank: navigating in the Dark?

The European Central Bank (ECB) has faced major challenges in the last decade: the global financial crisis, the Great Recession and the euro crisis, resulting in the worst economic situation since the Great Depression. These events made it difficult for the ECB to fulfil its price stability mandate as deflation risks mounted (especially after the double-dip recession) and transmission channels were broken because of the banking crisis and the sovereign debt crisis in some euro-area countries.[…]