The activism of central banks during the recent financial crisis was a phenomenon common to all OECD countries, mostly due to a sort of pre-crisis consensus that favors monetary policy over fiscal policy, the latter being subject to political biases and lags. Yet, the European Monetary Union (EMU) is unique in thata reluctant ECB was projected to the front of the scene by the inertia of fiscal authorities engaged in consolidation (i.e. debt reduction and a focus on its sustainability) while other countries implemented stimulus plans.
http://www.aspeninstitute.it/aspenia-online/article/whither-fiscal-union-missing-debate-eurozone-governance
I-BRIDGE's blog (Link Campus University's Research Centre on Global Affairs) - editor, Marco Emanuele - Critical thinking, complexity, international relations (Twitter, @Glob_Eye - Facebook, https://www.facebook.com/marco.emanuele.50)
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