La politica monetaria della Bank of England davanti all’emergenza Covid-19: spunti di riflessione per una (ri)lettura critica del Trattato sul funzionamento dell’Unione europea

As during the global financial crisis of 2007-2009, even in the face of the Covid-19 provoked crisis, central banks have performed a fundamental function by quickly intervening with a view to reducing the economic damages caused by the pandemic and by the governmental measures aimed at limiting the propagation of the virus. Through expansive non-conventional monetary policy measures, their aim has been to tackle the reduction in economic activities while enabling the banking and financial system to keep on properly working, facilitating the flow of credit to businesses and households and allowing sovereigns to continue issuing public debt. Against this background, the Bank of England’s initiatives have been particularly vigorous and to a certain extent innovative with regard to the measures implemented. The British experience therefore could result interesting even for the European Central Bank in the context of the ‘ever-green’ debate on its way of operating vis-à-vis the rules of the Treaty on the Functioning of the European Union.