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The monetary policy of the European Central Bank in modern conditions

The monetary policy of the European Central Bank in modern conditions

Journal of Economic Regulation, , Vol. 6 (no. 4),

The paper presents the monetary policy analysis of the European Central Bank (ECB) under the present crisis conditions. The paper systematizes the ECB monetary policy in today's crisis and researches it at different stages of the crisis. A detailed analysis showed that the ECB's monetary policy is significantly different from the actions of other central banks during the current crisis (for example, the Federal Reserve). Thus, the ECB unconventional monetary policy combined with traditional measures, but does not replace them. Often ECB use credit easing instead of quantitative easing. The ECB's monetary policy used not only to combat the financial crisis, such as the Fed, but also to deal with the debt crisis. These features of the ECB’s monetary policy were due to both the institutional characteristics of the European Union, as well as special conditions of flow of the financial crisis in the euro zone.


Keywords: the monetary policy of the ECB; unconventional monetary policy; institutional factors

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Publisher: Ltd. "Humanitarian perspectives"
Founder: Ltd. "Humanitarian perspectives"
Online ISSN: 2412-6047
ISSN: 2078-5429