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This paper assesses the ECB's role in relation to the euro's (mal)performance. The main conclusion is that the ECB has been key to the "euro puzzle," propagating euro weakness and pushing up inflation. The analysis in this paper elaborates upon, and lends further support to, the "time-inconsistency hypothesis" of the euro's plunge (cf. Bibow 2001a, b) which states that a policy of aggressive interest rate hikes runs the risk of weakening the currency and pushing up inflation, rather than the intended opposite, if the policy is perceived by the markets as lacking due concern for growth risks. This paper explores the institutional setting and traditions behind the ECB's conduct and scrutinizes the rationale that inspired its interest rate policies.

The Monetary Policies of the European Central Bank and the Euro's (Mal)Performance: A Stability-Oriented Assessment