The Markets versus the ECB, and the EURO's Plunge
This paper argues that important independent causes of European weakness, in addition to U.S. strength, were involved in producing the stark growth differential between the euro area and U.S. economies widely held to have caused euro weakness. The paper scrutinizes the role of European monetary policy in facilitating the euro's plunge. It is argued that while the Bundesbank's policies preconditioned the euro's plunge, the ECB's policies acted as twofold propagation mechanisms.
Volume (Year): 28 (2002)
Issue (Month): 1 (Winter)
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