Contested Control and the Power of Finance, Selected Essays of Gerald Epstein
Chapter 17: Achieving Coherence Between Macroeconomic and Development Objectives
In the aftermath of the Great Financial Crisis of 2007-2008, the United States and Europe are stuck in a state of political paralysis that is leading to a new norm of fiscal austerity, high unemployment, and, in the case of Europe, economic stagnation. With fiscal policy orientated around austerity it is the central banks – the Federal Reserve (the Fed) , the Bank of England (BOE) and the European Central Bank (ECB) – that remain the only macroeconomic authorities with the authority and political power to try to revive these struggling economies.
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