Is monetary policy of ECB the right response to the Eurozone crisis?

The article presents monetary policy conducted by the European Central Bank in response to the financial crisis after the collapse of Lehman Brothers in September 2008 and, as a result, the debt crisis in the Eurozone. The author describes anti-crisis emergency measures that the ECB has introduced and compares them with monetary policies carried out by other world's major central banks (Federal Reserve, Bank of England, Bank of Japan). The main goal of the paper is to assess the adequacy of ECB's monetary policy taking into account the specific nature of the Eurozone crisis. The author attempts to evaluate the real potential of the ECB to prevent some Eurozone countries from insolvency crisis and the Eurozone itself from possible breakup as a result. At the end the author provides some remarks concerning the specific nature of the Eurozone crisis. (C) 2014 The Authors. Published by Elsevier