How do central banks in other countries respond to recessions? Let us take a look at growth rates in the EU in the last few years and the reaction of the European Central Bank (ECB)

How do central banks in other countries respond to recessions? Let us take a look at growth rates in the EU in the last few years and the reaction of the European Central Bank (ECB). Go to the ECB’s Statistical Data Warehouse at http://sdw.ecb.europa.eu . Select “GDP in Prices of the Previous Year (Economic Growth)” and export the data. Then, click on “Monetary Aggregates M3” and then download the data in Excel format for it too. (Note: the data sets comprise growth rates in a quarterly and monthly bases, thus work on Excel data set to get average annual growth rate.) Create a graph for the period 1997–2018, showing GDP growth rates and monetary aggregate growth. Was the EU in a recession in 2001? How did the ECB react to the economic slowdown in the early 2000sregarding to expansionary money supply?