When the US is in financial crisis, our Fed, for better or worse, can flood with system with money (either in the form of loan, or just out-and-out money supply cash. And that's exactly what it did in 2008 and 2009, and it did so fairly quickly, and consistently over the months.
The European Central Bank, because it has no real central governing body, and because it represents multiple distinct European countries, takes what seems like forever to initiate emergency monetary policy - causing increased uncertainty and market volatility in the process (the US stock market plunged hundred of points last week on concern for Europe, and then rose by as much today as Europe, with the help of the IMF, finally proposed a bailout package for Greece, Spain and other fiscally irresponsible countries in the Euro Zone.
5 comments:
Well, irresponsible or not (They are, IMH), these countries needed a solution or the countries using Euros would be dragged to bottom of the well.
At least, we can see now a recovery of the situation:
http://media.economist.com/images/na/2010w20/201019NAC448.jpg
http://tinyurl.com/29e9xc2
But that doesn't mean that I like that some countries need to be 'babysitted'
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