The European Central Bank (ECB) is a special, even unique central bank. It is a central bank without a treasury by its … central bank in the euro area. Rather, the ECB is designed as the headquarters (or perhaps 'cockpit') of the Eurosystem, the … system of European central banks that also includes the national central banks (NCBs) of European Union (EU) member countries …

Central bank credit has expanded dramatically since the beginning of 2007 in some of the euro area member countries … present empirical evidence that is consistent with the view that national central banks in the euro area have indeed followed … an independent monetary policy. We find that inflation was the main determinant of central bank credit prior to 2007 …

implications about the evolution of the Federal Reserve's monetary-policy preferences. Standard models of central bank optimization … predict that the central bank's preference for output stability is a determinant of inflation persistence. Hence, time …

This paper studies the monetary policy of the Federal Reserve (Fed) and the Bundesbank / European Central Bank (ECB …

With the global crisis, the policy stance around the world has been shaken by massive government and central bank … financed by the monopoly supply of central bank credit. Fiscal deficits can thus be considered functional to the objective of … to the euro area, where constraints have been deliberately created that limit public deficits and the supply of central …

reform the Eurozone. We propose a focus on general principles for fiscal governance reform aiming at a better economic …

run on the currency if the central bank attempts to act as a lender of last resort. …