Since the financial crisis, the ECB’s policy has often aroused controversy. Over time its actions have deviated from the framework within which monetary policy was habitually conducted. Negative interest rates, asset purchases and massive liquidity injections were once inconceivable. There is a legitimate debate about the appropriateness of these measures and their effectiveness. This debate has recently taken an unusually abrasive turn, sometimes verging on insults. We will examine here 12 critiques of the ECB to assess if they are fair, appropriate, consistent and if they offer superior alternatives to the ECB’s current policy.

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ECB: a critique of the critiques