No Federation, No Central Banks

... banks which have a very limited presence outside their home countries and are, therefore, unable to compete with Europe’s leading banks. Odendahl’s proposals appear least feasible when it comes to stimulating aggregate demand within the Eurozone. He claims that the ECB mandate is sufficient for “normal” periods. However, the delayed quantitative easing demonstrated that at times of crisis, the ECB must take more energetic steps, such as increasing the target inflation rate to 3 per cent and starting ...