Crises have shaped the European Central Bank
分析了欧洲央行在欧元区危机中如何重新解释价格稳定目标并采用非常规政策工具，同时探讨了货币传导机制和金融稳定框架的问题，适合关注欧洲货币联盟和央行政策的读者。
Europe embarked on the Economic and Monetary Union 25 years ago without sufficiently safeguarding some of the essential conditions that must be met to run a monetary union smoothly. The consequences of this omission came to light during the many and unprecedented crises that have shaped the European Central Bank. This article analyses and critically discusses the changing interpretation of the objective of price stability and the use of non-conventional policy instruments to realize this objective. Furthermore, the author analyses the problems with the monetary transmission within the eurozone and the framework for financial stability and supervision.