The one-size-fits-all monetary policy of the European Central Bank and the limits on government deficits to 3% of GDP and debts to 60% were supposed to push all euro zone members into a common, disciplined mold.
His rigorous approach was needed after the erratic monetary policy of the 1980s.
Chief among them is the expansive monetary policy of the Federal Reserve.
Both bubbles are the product of the Federal Reserve's stimulative monetary policy of 2001 to 2004.
The explanation lies with Japan's loose monetary policy of recent years, which is now coming to an end.
The Federal Reserve, through its monetary policy of low interest rates, has propped up real estate prices for years.
Under its statutes the bank operates only in conformity with the monetary policy of the countries concerned.
Other papers at this conference will examine more thoroughly the monetary policy of the ECB and its international ramifications.
Opening the debate on the Senate floor, Mr. Vitter made clear that he opposed the candidates, and that he opposed the Fed's monetary policy of low interest rates.
Asked what is ultimately propelling the market, he said, "It's the Fed, always the Fed" — the accommodative monetary policy of the Federal Reserve and other central banks.
France and Italy have done very little.To me, the monetary policy of the last few years is simply a continuation of a theme since the 1980s.
