The Crisis-Oriented Monetary Policy of the ECB. Consequences for the EMU-States

The analysis focuses on the European debt crisis as a significant challenge for the Eurozone, highlighting how national issues have evolved into broader international economic problems. It critiques the European Central Bank's shift from a stability-oriented monetary policy to crisis management, which may lead to long-term economic repercussions for member states. Additionally, it argues that bailouts for countries like the PIIGS have not addressed the underlying issues, as many of these nations continue to increase public debt without implementing necessary reforms to boost competitiveness and GDP.