دور إجراءات البنك المركزي الأوروبي في مواجهة الأزمات "دراسة مقارنة بين الأزمة المالية العالمية وأزمة كورونا"

Abstract

The global economy has been hit by two major economic crises over the past two decades: the global financial crisis (2007-2009) and the Corona pandemic crisis (2020- present (. These events presented fundamental challenges for central banks as they tried to pursue effective monetary policies, which would guide their economies on the path to recovery. Unconventional monetary policies have been adopted in both crises, such as quantitative easing, emergency lending programs at very low interest rates, more nationally focused stimulus policies, and governments have shifted from liberal to interventionist policies.

The global financial crisis and its expansionist monetary policies have led to the emergence of a sovereign debt crisis in the fragile Eurozone countries. Despite differences in the fundamental nature of these crises, the response of central bank monetary policies during the Corona crisis was largely based on its actions a decade ago during the global financial crisis, but the speed and size of these policies during the Corona crisis were greater, during the Corona crisis, central banks also carried out non-monetary policy measures, providing direct assistance to small businesses and consumers, which did not happen during the global financial crisis.

So, the adoption of the same stimulus policies in the two crises has revived the economy and prevented an economic disaster, but its long-term implications could lead to a new financial crisis in poor Southern European countries similar to the sovereign debt crisis, especially since the contraction in these countries was even more severe during the Corona crisis.