Introduction
Effective treatment of the Euro crisis, like a serious disease, has proven elusive through much of the crisis. Bailouts, grinding austerity, bail-ins, and even treaty reforms did not seem effective in reversing the worsening conditions in bond markets through much of the crisis. The only effective treatment has appeared to be the ECB’s actions, actions some might have considered a last resort. Not once but twice, hefty doses of liquidity have been administered to the Eurozone, and twice they seem to have rejuvenated what appeared to be a doomed patient. In each episode, the ECB’s actions have proven effective in reversing worsening market confidence, and have also bought time in which other policies have then ...
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