Pushkinskaya st. 43. office 10
Rostov-on-Don, Russia
e-mail: info@hjournal.ru 
tel. +7(863) 269-88-14

cubsEN (2)

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

  • Al-Eyd A. and Berkmen S. P. (2013). Fragmentation and monetary policy in the euro area // IMF Working Paper, WP/13/208.
  • Bini Smaghi L. (2009). Conventional and unconventional monetary policy // Keynote lecture at the International Center for Monetary and Banking Studies (ICMB), Geneva, 28, April.
  • Blot C., Creel J., Hubert P. and Labondance F. (2014). Dealing with the ECB’s triple mandate // In Reforming Europe, ed. Christophe Blot, Olivier Rozenberg, Francesco Saraceno and Imola Streho, pp. 163-173. Paris, France: OFCE-SciencePo.
  • Blot C. and Labondance F. (2013). Business lending rate pass-through in the Eurozone: monetary policy transmission before and after the financial crisis // Economics Bulletin, no. 33(2), pp. 973-985.
  • Claeys G., Leandro A. and Mandra A. (2015). European Central Bank quantitative easing: the detailed manual // Bruegel Policy Contribution, ISSUE 2015/02, 11 March.
  • Cour-Thimann P. and Winkler B. (2012). The ECB’s non-standard monetary policy measures: the role of institutional factors and financial structure // Oxford Review of Economic Policy, no. 28(4), pp. 765-803.
  • Creel J., Hubert P. and Viennot M. (2013). Assessing the interest rate and the bank lending channels of ECB monetary policies // Documents de Travail de l'OFCE, no. 2013-25, Observatoire Francais des Conjonctures Economiques (OFCE).
  • Darracq-Paries M. and De Santis R. (2013). A non-standard monetary policy shock. The ECB’s 3-years LTROS and the shift in credit supply // ECB Working Paper Series, no. 1508.
  • ECB (2010). The ECB’s Responses to the Financial Crisis // ECB Monthly Bulletin, October, pp. 59-74.
  • ECB (2011). The ECB’s Non-Standard Measures-Impact and Phasing-Out // ECB Monthly Bulletin, July, pp. 55-69.
  • ECB (2014). Monetary policy instruments. (http://www.ecb.europa.eu/ecb/educational/facts/monpol/html/mp_010.en.html - Access Date: 01.08.2015).
  • Filardo A. and Hofmann B. (2014). Forward guidance at the zero bound // BIS, Quarterly Review, March.
  • Harari D. (2014). Public debt, monetary policy and financial stability // Financial Stability Review.
  • Martin F. M. and Waller C. J. (2012). Sovereign Debt: A Modern Greek Tragedy // Federal Reserve Bank of St Louis Review, no. 94(5), pp. 321-39.
  • Matthijs M. (2013). The Eurozone Crisis. Growing Pains or Doomed from the Start? // Routledge Handbook of Global Economic Governance, pp. 202-218.
  • Micossi S. (2015). The monetary policy of European Central Bank (2002-2015) // CEPS Special Report, no. 109, May.
Publisher: Ltd. "Humanitarian perspectives"
Founder: Ltd. "Humanitarian perspectives"
Online ISSN: 2412-6047
ISSN: 2078-5429