than ever, the ECB is willing to dampen asset bubbles in the early stage of their formation. This article explains what the … ECB can learn from historical asset bubbles in EU eurozone member countries. The empirical analysis indicates that asset … bubbles in some member countries are mostly followed by asset bubbles in further member countries, which supports the ECB …

globally. The result has been a succession of bubbles and crashes, including the worldwide stock market bubble and great crash … stock market bubbles, the emerging markets bubbles and crashes in 1994 and 1997, the Long-Term Capital Management (LTCM …) crisis of 1998, the dotcom bubble bursting in 2000, the recent house price bubbles, the financialization bubble via special …