Gürkaynak, R. S.2018-04-122018-04-1220161607-8616http://hdl.handle.net/11693/36978Since the beginning of the Global Crisis, the ECB has faced a sequence of problems. This column discusses some of these problems. It also highlights the successful first reaction of the ECB to the crisis and its adequate monetary policies. There are still unresolved structural problems in the Eurozone, however. Among them are the lack of a proper banking union and the need for a better fiscal policy coordination. And the job for such a change within the Eurozone cannot be delegated to the ECB. © CEPR Press, 2016.EnglishArticle