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The ECB's policy under the presidency of Mario Draghi: a curse or a blessing for Europe?

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  • Peter Bofinger

    (Julius-Maximilians-Universität Würzburg, Germany)

Abstract

The paper discusses the monetary policy of the European Central Bank (ECB) under the presidency of Mario Draghi. It first shows the serious mistakes made under his predecessor, Jean-Claude Trichet, during which period the ECB destabilized rather than stabilized. Draghi, on the other hand, embarked on a more expansive course immediately after taking office, thereby securing the existence of the euro in a very threatening situation. In 2014, he then identified the deflationary risks for the eurozone at an early stage and successfully countered them with massive bond purchases. The undesirable developments for the financial system and especially the banks predicted by his critics, who are to be found primarily among German economists, have not materialized.

Suggested Citation

  • Peter Bofinger, 2020. "The ECB's policy under the presidency of Mario Draghi: a curse or a blessing for Europe?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 17(2), pages 171-182, September.
    • Handle: RePEc:elg:ejeepi:v:17:y:2020:i:2:p171-182
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    More about this item

    Keywords

    European Central Bank; Mario Draghi; monetary policy;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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