ECB: a critique of the critiques

Since the financial crisis, the ECB’s policy has often aroused controversy. Over time its actions have deviated from the framework within which monetary policy was habitually conducted. Negative interest rates, asset purchases and massive liquidity injections were once inconceivable. There is a legitimate debate about the appropriateness of these measures and their effectiveness. This debate has recently taken an unusually abrasive turn, sometimes verging on insults. We will exam...