Reconsidering the Role of the European Central Bank

The ECB has helped stabilize the eurozone and bring down borrowing costs for troubled states during the crisis years through small purchases of the sovereign debt of countries such as Greece, Spain and Italy. It has also granted banks easier access to liquidity and has managed the expectations of financial markets by announcing that it will do everything to preserve the eurozone. While these actions were necessary to calm financial markets, the ECB has been less successful in helping Europe overcome its economic crisis....