Franco, FrancescoAltiero, Bruno Maria2022-05-182022-05-182021-10-192021-09-24http://hdl.handle.net/10362/138122This thesis will examine two dramatic historical events, the Great Financial Crisis and the COVID-19 crisis and will discuss the response of the European Central Bank (ECB) to contrast their effect. It will provide information on the ECB's role and focus on the conventional and unconventional initiatives it has carried out over the last 14 years. Finally, it will compare the work done by the ECB with that carried out by the US Federal Reserve System (Fed). The conclusions will establish whether the progress made has been positive or negative and how the role of central banks is evolving.engMonetary policyECBconventionalunconventionalGreat financial crisisCOVID-19 crisismaster thesis202932141