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Mere criticism of the ECB is no solution


  • Fratzscher, Marcel
  • Gropp, Reint E.
  • Kotz, Hans-Helmut
  • Krahnen, Jan Pieter
  • Odendahl, Christian
  • di Mauro, Beatrice Weder
  • Wolff, Guntram B.


The eurozone remains in a deep, largely macro-economic crisis. A robust global economy and falling oil prices have supported Europe´s economy for some time, but by now it is clear that the eurozone will only be able to pull itself out of this crisis by means of more decisive action. One response, the recent easing of monetary policy by the European Central Bank (ECB), has, for the most part, been sharply and onesidedly criticised in Germany. Monetary policy inaction seems to be the preferred option of many in Germany. The authors discuss the following question: What would happen if the ECB failed to respond to the excessively low inflation and the weak economy? And what economic policy would be suitable under the current circumstances, if not monetary policy?

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  • Fratzscher, Marcel & Gropp, Reint E. & Kotz, Hans-Helmut & Krahnen, Jan Pieter & Odendahl, Christian & di Mauro, Beatrice Weder & Wolff, Guntram B., 2015. "Mere criticism of the ECB is no solution," SAFE Policy Letters 51, Leibniz Institute for Financial Research SAFE.
  • Handle: RePEc:zbw:safepl:51

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    eurozone; crisis; monetary policy;

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