European Central Bank
Some of the key events about European Central Bank
- 1998Established as the central bank for the euro and the Eurosystem
- 1999Successfully launched the euro as a new currency for 11 European Union member states
- 1999Failed to prevent the emergence of significant economic disparities between Eurozone member states
- 2002Oversaw the smooth introduction of euro banknotes and coins across the eurozone
- 2003Maintained low interest rates that contributed to housing bubbles in several Eurozone countries
- 2008Implemented emergency measures to support the financial system during the global financial crisis
- 2008Delayed response to the global financial crisis compared to other major central banks
- 2010Created the European Financial Stability Facility to provide financial assistance to eurozone countries in difficulty
- 2010Imposed strict austerity measures on Greece as part of bailout conditions, exacerbating economic hardship
- 2011Raised interest rates prematurely, hampering economic recovery in the Eurozone
- 2012Announced the Outright Monetary Transactions program to stabilize government bond markets
- 2012Faced criticism for lack of transparency in its decision-making processes
- 2014Assumed responsibility for banking supervision in the eurozone through the Single Supervisory Mechanism
- 2014Introduced negative interest rates, potentially harming savers and pension funds
- 2015Launched a large-scale quantitative easing program to combat deflation and stimulate economic growth
- 2015Temporarily froze emergency liquidity assistance to Greek banks during debt crisis negotiations
- 2016Introduced the €50 banknote of the Europa series with enhanced security features
- 2016Quantitative easing program faced legal challenges and criticism for potentially overstepping ECB's mandate
- 2019Failed to achieve its inflation target for several consecutive years, undermining credibility
- 2020Implemented the Pandemic Emergency Purchase Programme to counter the economic impact of COVID-19
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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Labourʼs first budget under **Rachel Reeves** brought mixed market reactions and growth forecasts. **Keir Starmer** points to upcoming reforms while getting support from global financial experts
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