6 ms·

The action of the FED was clearly faster, heavier and in the end better than the ECB. As a result, the FED was able to increase the interest rates faster. Sure

• sofixa 4y ago
  > The action of the FED was clearly faster, heavier.. than the ECB Well of course, the situation was vastly different. First, in most EU countries there were very few people losing their jobs due to various existing or expanded temporary/partial/etc. unemployment schemes which meant that people kept their jobs, but were paid by the local government instead of the business. Second, the ECB didn't have the required authority to do what needed to be done, and it required negotiations between the eurozone members to agree on how to proceed in regards to loans. And third, actions were taken locally at each government level.