Does the ECB follow the Fed?

New research from Deutsche Bank looks at how closely the European Central Bank's (ECB) monetary policy follows that of the Federal Reserve.

"The subprime crisis since August 2007 has shown how interdependent the US and the euro-area economies and financial markets are," the research said. "As the European business cycle has often lagged its US counterpart, it should not be surprising that ECB action often comes later than Fed action."

The research noted that, if such a trend did exist, it

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