The BoE and the ECB have since adopted similar measures.

The European Central Bank is now pursuing a very easy monetary policy.

The ECB has bought time, but it has also raised the stakes.

Meanwhile, the ECB has announced that it will have to double its equity capital.

Having gained time, EU governments, the European Commission, and the European Central Bank have now turned their attention to improving future governance.

But the ECB needs time to establish its inflation fighting credentials.

European Central Bank (ECB)

The European Central Bank is making its reputation at this time of turmoil and crisis.

At the same time, the ECB has gained considerable credibility from its handling of the global credit crisis.

The ECB and Its Critics

The ECB Grows Up

The Naked ECB

The ECB s Faulty Weapon

A Wake Up Call for the ECB

Europe s Central Bank at Sea

The ECB s Lethal Inhibition

Calm economic waters had given the ECB and Trichet a honeymoon until last fall.

The ECB s Leap into the Unknown

Behind the ECB s Wall of Money

The European Central Bank also lost its credibility.

Out of Step at the ECB

The ECB Picks Up The Pace

The ECB s Honeymoon is Over

The ECB s Secret Bailout Strategy

The ECB s Tone Deaf President

Germany s Case Against the ECB

Together, the ECB and the EFSF could do what the ECB cannot do on its own.

Helping the ECB Cross the Rubicon

De Nationalizing the ECB s Executive Board

Ecb Is Now Europe s Anchor

Germany and the ECB are relying on large scale liquidity to buy time to allow the adjustments necessary to restore growth and debt sustainability.

At the same time, the European Central Bank unleashed its 1 trillion ( 1.3 trillion) long term refinancing operation, which pulled the European banking system back from the brink.

This is not to argue, of course, that the ECB should cut interest rates now. On the contrary, the Bank s current policy of fighting inflationary pressures by slower growth, a stronger euro, and the credit crunch seems just about right for the time being.

MUNICH For a while, it looked as if the European Central Bank s 1 trillion credit program to pump liquidity into Europe s banking system had calmed global financial markets.

With the time afforded by the ECB s three year cheap loans, they have some breathing room to rebuild their capital and clean up their balance sheets.

Meanwhile, in Germany, the elections this September may have surprising consequences for ECB monetary policy.

The ECB s provision of liquidity can buy time, but only real adjustment can cure the underlying problem.

Meanwhile in Frankfurt, the police complied with the order of eviction of the seven month long Occupy Frankfurt settlement around the Euro sign near the ECB headquarters.

For the ECB, an increase of 50 basis points could do the job at this point after which rates could probably be put on hold for some time.

Is the ECB Doing Enough?

The ECB s New Macroeconomic Realism

Why the ECB Should Buy American

John Stewart Mill vs. the European Central Bank

That points towards reliance on the ECB.

The ECB s credibility is on the line.