European Policy Reactions to the Financial Crisis
Journal title STUDI ECONOMICI
Author/s Carlo Panico, Francesco Purificato
Publishing Year 2010 Issue 2010/100 Language English
Pages 28 P. 191-218 File size 741 KB
DOI 10.3280/STE2010-100011
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The paper examines how economic policy have been carried out in Europe during the recent financial crisis. It focuses on the changes introduced in the operational procedures of monetary policy in the euro area in 2007 and 2008, pointing out that the objective of the authorities has been to respond to the liquidity needs of the monetary financial institutions, avoiding to loose control over M3. The paper argues that the interventions of the Eurosystem have produced satisfactory results and underlines the problems generated by the fall in productive activity and the need to face them with fiscal policies instruments. The inefficient forms of coordination between monetary and fiscal policies and the management of the government debt in some euro area countries are seen as the main sources of preoccupation for the evolution of the crisis.
Keywords: Monetary policy, policy coordination, national budget
Jel codes: A10, E52, E61 H10, H39, H61, H63
- Economía Política de la crisis de deuda en Europa Santiago Capraro, Carlo Panico, Francesco Purificato, Ignacio Perrotini, in Investigación Económica /2013 pp.35
DOI: 10.1016/S0185-1667(13)72601-8
Carlo Panico, Francesco Purificato, European Policy Reactions to the Financial Crisis in "STUDI ECONOMICI " 100/2010, pp 191-218, DOI: 10.3280/STE2010-100011