The paper reviews the monetary policy in the euro area during the period from August 2007 till October 2009. The author examines the ECB policy response to the financial market turbulence and assumes that monetary authority managed well in providing liquidity to banks and calming markets but failed to stimulate borrowing and economy. Given the leading role of the US central bank in the global financial system and its ability to manipulate financial markets - one of the exogenous factor s affecting the European monetary policy - the paper takes into consideration the policy of the Federal Reserve. Moreover, comparison of the tasks, principles and frameworks of the monetary policy in the euro area and the US allows to clarify the specific features of the ECB's measures.