Pisani-Ferry, Jean; Wolff, Guntram B. - 2012
The Bank of England, the Federal Reserve (Fed) and the European Central Bank (ECB) have responded to the crisis with … exceptional initiatives resulting in a major increase in their balance sheets. After the ECB's end-2011 launch of three-year bank … differences remain: the Bank of England and Fed have mostly relied on large-scale purchases of government bonds, while the ECB has …
