At the time of the financial crises of 2008 and 2010–11 the ECB reacted with an extremely cautious gradualism. This behaviour is attributable to the slower learning process that characterizes a central bank of a monetary union composed of countries with fiscal sovereignty compared to other central banks. In sharp contrast to the previous crises, the ECB reacted promptly to the COVID-19 crisis. This change in behaviour is explained here by the learning process about the effects on monetary policy transmission of the increased financial fragmentation of the eurozone over the last decade.

中文翻译：

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为什么欧洲央行对Covid-19危机的反应要比2008年金融危机后更快？

在2008年和2010-11年的金融危机发生时，欧洲央行的反应极为谨慎。这种行为归因于学习过程的缓慢，这种学习过程的特征是与其他中央银行相比，由具有财政主权的国家组成的货币联盟中央银行。与之前的危机形成鲜明对比的是，欧洲央行对COVID-19危机迅速做出了反应。在此，通过学习过程来解释这种行为上的变化，该学习过程是在过去十年中，欧元区不断增加的金融分散性对货币政策传导的影响。