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Juan E. Castañeda and Tim Congdon

At the start of the European single currency in 1999, the ECB’s intellectual framework owed much to the Bundesbank, with heavy emphasis on the role of money in the determination of macro outcomes. From 2003 this emphasis was diluted, and for a few years high money growth was associated with asset price buoyancy and incipient inflationary pressure. But from 2008 the key authorities – including the ECB – focused on ‘tidying-up the banks’, almost regardless of the consequences for the quantity of money. Extreme monetary instability in the Eurozone ‘periphery’ was one consequence.