Comparation of the monetary policy of FED and ECB during financial crisis

This work examines monetary policy of the Federal Reserve and the European Central Bank during financial crisis from the year of 2007 to the year of 2009. It compares both conventional and unconventional measures of these central banks taken to tackle the financial crisis.In the case of FED, it describes the policy of various targeted instruments and the quantitative eaing. In the case of ECB, it concentrates mainly on LTRO and fixed rate/full allotment tenders