The international financial crisis that started in 2007 was much more than an accident caused by undisciplined financial innovations. It was a major failure of global economic governance. “The globalization of finance and monetary systems has excessively prolonged the duration of unsustainable...

The European Central Bank (ECB) and the Bank of England (BoE) are shadowed by professionals and academic economists who provide a separate policy rate recommendation in advance of the central bank's announcement. We explore differences between shadow and actual committee decisions based on an...

The paper tries to give a first assessment of the tools used by central banks for interventions from the starting of the financial crisis to end-March 2009 using the results of a research conducted through the analysis of the evolution of central banks' balance sheets.The first part of the paper...