Gli interventi delle banche centrali sul mercato. dalla regolazione al governo dell’economia

This work begins with an analysis of the most recent unconventional monetary policy measures that have been adopted by the European Central Bank in order to deal with the ongoing COVID-19 pandemic. The aim is to investigate the new role that central banks seem to assume in the current historical context. In particular, after recalling some possible innovative forms of intervention on the real economy by the Central Bank – which impose a new reflection on the need to recognize, even for the ECB, a Lender of Last Resort Function –, I stress the opportunity to give a new mandate to the European Central Bank, allowing it to intervene directly in support of European policies and thus restoring the link between politics and currency also at European level.