Did the ECB React Defensively During the Great Financial Crisis? A Reply to Tropeano

Eladio Febrero, Jorge Uxó and Óscar Dejuán

Review of Political Economy, 2025, vol. 37, issue 3, 1201-1209

Abstract: This is a reply to Tropeano ([2025]. ‘ECB policies since the financial crisis: a monetary circuit and a post-Keynesian perspective.’ Review of Political Economy, published online March 31.), who holds that, during the crisis period spanning from 2008 to 2012, long-term refinancing operations were not a defensive reaction by the ECB. In this reply, we defend the opposite view, as we did previously in Febrero, Uxó, and Dejuán ([2015]. ‘The ECB During the Financial Crisis’ Not so Unconventional!’, Metroeconomica 66 (4): 715–739; [2018]. ‘The financial crisis in the eurozone: a balance-of-payments crisis with a single currency?’ Review of Keynesian Economics 6 (2): 221–239.).

Date: 2025
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DOI: 10.1080/09538259.2025.2493273

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