Lengwiler, Yvan und Orphanides, Athanasios. (2000) European Parliament, ECON Committee (Study).
The ECB is the most important institution for the success of the EMU. It started successfully but the crisis revealed weaknesses related to the incomplete nature of the EMU.The ECB was too timid in using its power, which deepened the euro crisis and led to divergences that threaten the viability of the EMU. With suitable modifications of its monetary policy strategy, and better use of the authority delegated to it, the ECB could greatly improve its success in fulfilling its mandate. This document was provided by Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON). Options for the ECB’s Monetary Policy Strategy Review.