This paper contrasts the United States (US) and European situations during the crisis and examines how much of the crisis has been imported by Europe from the US. The paper argues that Europe never had a chance to avoid contagion from the US. It also documents the relatively limited reaction of...

The world’s major central banks have radically altered their strategies since 2008 as they grappled with the great financial crisis and its various consequences. One view (Issing 2016) is that they have gone too far, and that their actions will result in inflation and loss of independence....