With fiscal policy hamstrung by public debt in both the E.U.
and U.S., monetary policy was a major beneficiary of the financial
crisis of 2008 and the ensuing state-debt crisis that stammered on at least until
2013 in Europe. Lest it be concluded that central bank policy had reached an
unassailable peak of salvation, the expanded role actually made its limitations transparent, at least in financial circles.
The full essay is at "Post Financial Crisis Coordinated Action."
The full essay is at "Post Financial Crisis Coordinated Action."