Anna Peychev is a doctoral researcher in Law at the Brussels School of International Studies and current Visiting Fellow with the Wilfried Martens Centre for European Studies, where her work focuses on crisis law and the European Central Bank.
In her Euractiv opinion piece The ECB Strategy Review – Exorcising the Ghosts of Crises Past she argues that in light of the fundamental shifts in the global economic and monetary stance, there is little choice left to be made about the ‘future of Europe’, at least as far as its political economy is concerned. The European Central Bank is well aware of this situation and leading the way on major reform through its monetary policy Strategy Review. The question is whether the EU political establishment would choose to frustrate these attempts – to no good end – or face the (monetary) music and re-align the Economic and Monetary Union towards shared goals. They would be well advised, she contends, on the latter. Compared to the US, where the outcome of the US Presidential election signals that expansionary fiscal and monetary policy will align towards a robust recovery, Europe may be poised to repeat the mistakes of the sovereign debt crisis – holding back financial TLC and hindering its own recovery.