The reason the European Central Bank (ECB) didn’t engage in the kind of expansionary monetary policy that the Federal Reserve did for the United States was that

a. The ECB didn’t view the problem as serious.

b. The ECB could not raise the capital.

c. The provisions of the treaty that created the ECB did not allow for it to buy the debt of member nations unless there was systemic risk.

d. There was no debt for the ECB to buy.