مجلة التمويل والاستثمار والتنمية المستدامة
Volume 10, Numéro 2, Pages 677-696
2025-12-29

Monetary Policies Of Major Central Banks And Their Role In Enhancing Economic Stability Amid Global Crises: A Comparative Study Of The Federal Reserve And European Central Bank (2007–2025)



Authors : Mansouri Saadane .

Abstract

This study conducts a comparative analysis of Federal Reserve (Fed) and European Central Bank (ECB) monetary policies from 2007 to 2025, evaluating their efficacy in enhancing economic stability amid cascading global crises—including the 2008 financial collapse, Eurozone debt crisis, COVID-19 pandemic, and Russia-Ukraine conflict. Through a tripartite methodological framework (descriptive, analytical, inductive), we assess conventional and unconventional tools (quantitative easing, negative rates, forward guidance) deployed by both institutions. Key findings indicate that while Fed and ECB policies successfully mitigated recessionary risks and prevented financial fragmentation, they struggled to control inflation post-2020 due to supply-side shocks and geopolitical volatility. The Fed demonstrated superior agility in crisis response, achieving lower unemployment (3.5% by 2023), while ECB interventions were hampered by multi-sovereign governance structures, exacerbating Eurozone stagflation. Critically, unconventional tools amplified wealth inequality and fiscal dominance risks when unaccompanied by coordinated supply-side reforms. The study establishes central bank independence, policy flexibility, and fiscal-monetary coordination as indispensable for crisis resilience. We recommend institutional innovations—including early-warning systems, digital/climate-integrated policy tools, and enhanced transparency—to fortify economic stability against future compound crises.

Keywords

Monetary policy ; Federal Reserve ; European Central Bank ; economic stability ; quantitative easing ; inflation control ; crisis management

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