This paper argues that the loose monetary policy of two of the world’s most important financial institutions-the US Federal Reserve Board and the European Central Bank-were ultimately responsible for the outburst of global financial crisis of 2008 - 09. Unusually low interest rates in 2001 -...

History -- West european economic integration since 1950 (Nicholas Crafts) -- The history of European Economic and Monetary Union (Harold James) -- History of economic thought and policy-making at the European Commission (Ivo Maes) -- The single market and the euro -- The economics of the single...

The European Central Bank (ECB) has often been portrayed as highly resistant to ideational change. This paper paints a different picture. A battle of ideas dominated the academic debate on the euro crisis: one view stressed crisis-stricken countries' fiscal laxity, whereas the other highlighted...