The world would be in a better place today if the ECB and BoJ had joined the Fed in quantitative easing early on. Their lag in easing contributed to the policy gap that led to the dollar's large 2014 appreciation.
As Europe continues to weather economic stagnation and a succession of debt crises, the European Central Bank has responded with an aggressive set of monetary policies that have redefined the bank’s original mandate.
The three major credit rating agencies have been accused of contributing to the global financial crisis, drawing increased oversight from regulators in the United States and Europe. Nonetheless, investors continue to rely on the largely unchanged ratings services.
The eurozone, once seen as a crowning achievement in the decades-long path toward European integration, continues to struggle with the effects of its sovereign debt crises and their implications for the future of the common currency.