The Deutsche Bundesbank, the German central bank, is commonly regarded as the Euroarea's boogeyman. The pressure imparted by the German monetary authority, for instance, rendered the European Central Bank reluctant to follow the footprints of the Federal Reserve and of other central banks, and engage in non standard monetary policy measures that might rapidly put an end to the crisis that has been plaguing the euro zone. At several stages, during the current crisis, the ECB has been forced to take actions and prevent severe economic and financial dislocations. Given the institutional vacuum at the area-wide level and the lack of political capacity of the other institutions, the European Central Bank had often to move across the borders of its traditional domain. This has given reason to a slew of criticisms repeatedly and loudly voiced by the Bundesbank. Being also the most vocal policy actor evoking the fiscal risks associated with effecting implicit cross-border transfers via the ECB's balance sheet, the Bundesbank has appeared to have a “non-monetary” hidden agenda or even a “national political” mission.
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