that the ECB may well stand out positively when compared to other important euro-area or national authorities involved in … managing the euro crisis, but that in general the bank did "too little, too late" to prevent the euro area from slipping into … excessively optimistic, and that proposals featuring the central bank as the euro’s savior through even more radical employment of …

institutional deficiencies share responsibility for the euro's failure, the bank has generally done "too little, too late" with … regard to managing the euro crisis, preventing protracted stagnation, and containing deflation threats. The bank remains … attached to the euro area’s official competitive wage-repression strategy, which is in conflict with the ECB's price stability …

of the EU, as in the case of the UK and Denmark. The newly admitted Member States are obliged to introduce the euro as … exclusive competence for the monetary policy of the Member States whose currency is the euro on the EU, Article 3(1)(c) TFEU and … by bestowing the euro with the quality of legal tender, the only legal tender in the EU, Article 128(1) sentence 3 TFEU. …

bond markets and improved economic sentiment, as reflected in higher equity prices. In contrast, passive euro liquidity …