scholarly journals Polityka pieniężna Europejskiego Banku Centralnego a zagrożenie deflacją w Unii Europejskiej

2015 ◽  
Vol 1 (3) ◽  
pp. 89-102
Author(s):  
Jan L. Bednarczyk
Keyword(s):  
Economic Growth ◽  
Central Bank ◽  
European Central Bank ◽  
Policy Tools ◽  
Inflation Target ◽  
Monetary Base ◽  
European Central

The aim of the paper is to assess whether the range of non-standard measuresundertaken by the European Central Bank between 2014–2015 may turn outinsufficient to stimulate demand and overcome deflation. The causes for the presentsituation are the weaknesses of mechanisms transmitting monetary policyimpulses to the economy resulting from: 1) pessimistic expectations withinEurozone regarding economic growth, 2) lack among policy tools of any forwardguidance for the desirable mid-term level of crucial real magnitudes, 3) lack ofsufficient flexibility in the inflation target policy, 4) the weakness of the securitiespurchase programmes which exerted only a temporary effect on the ECB’sbalance sheet and monetary base

scholarly journals Unconventional monetary policy of the European Central Bank: A brief recapitulation

2019 ◽  
Vol 53 (3) ◽  
pp. 43
Author(s):  
Ilona Skibińska-Fabrowska
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Central Bank ◽  
Economic Crisis ◽  
Financial Market ◽  
European Central Bank ◽  
Central Banks ◽  
Unconventional Monetary Policy ◽  
European Central ◽  
National Bank

<p>The financial and economic crisis that has hit many economies in recent years has significantly increased the activity of central banks. After using the standard instruments of conducting monetary policy, in view of the obstruction of monetary impulse transmission channels, they reached for non-standard instruments. Among them, asset purchase programs played a signifciant role. The European Central Bank (ECB) launched the largest asset purchase programme (APP) of this type in 2014 and expired in December 2018. The aim of the undertaken activities was to improve the situation on the financial market and stimulate economic growth. The article reviews the literature and results of research on the effects of the program and indicates the possibility of using the ECB’s experience in conducting monetary policy by the National Bank of Poland.</p>

scholarly journals Polityka pieniężna Europejskiego Banku Centralnego w odpowiedzi na kryzysy lat 2008–2020

Studia BAS ◽  
2021 ◽  
Vol 3 (67) ◽  
pp. 71-85
Author(s):  
Danuta Adamiec
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
European Central Bank ◽  
Policy Tools ◽  
Unconventional Monetary Policy ◽  
European Central ◽  
Similarities And Differences ◽  
Future Policy ◽  
The Eu

The article explores the reaction of the European Central Bank (ECB) to two major economic crises that the EU had to face in the last two decades: the financial crisis which began in 2008 and the latest crisis caused by the COVID-19 pandemic. Although causes underlying both crises were ultimately different, the response of the ECB was based on the same unconventional monetary policy tools. The author analyses the similarities and differences between both of these crises, as well as the ECB’s reaction to them, drawing attention to a shift in the ECB’s monetary policy towards unconventional tools and consequences of such a shift for the position and future policy directions of the ECB.

scholarly journals Is It Too Late to Bail Out the Troubled Countries in the Eurozone?

2014 ◽  
Vol 104 (5) ◽  
pp. 88-93 ◽  
Author(s):  
Juan Carlos Conesa ◽  
Timothy J. Kehoe
Keyword(s):  
Economic Growth ◽  
Central Bank ◽  
Interest Rates ◽  
International Monetary Fund ◽  
European Central Bank ◽  
Debt Crisis ◽  
Bill Clinton ◽  
European Central ◽  
Mexican Government ◽  
Bail Out

In January 1995, US President Bill Clinton organized a bailout for Mexico that imposed penalty interest rates and induced the Mexican government to reduce its debt, ending the debt crisis. Can the Troika (European Commission, European Central Bank, and International Monetary Fund) organize similar bailouts for the troubled countries in the eurozone? Our analysis suggests that debt levels are so high that bailouts with penalty interest rates could induce the eurozone governments to default rather than reduce their debt. A resumption of economic growth is one of the few ways that the eurozone crises can end.

Was für eine Europäische Verfassung?

2005 ◽  
Vol 35 (139) ◽  
pp. 287-300 ◽  
Author(s):  
Étienne Balibar
Keyword(s):  
Central Bank ◽  
European Central Bank ◽  
Social Rights ◽  
European Constitution ◽  
Fundamental Level ◽  
European Central

The problem of a European Constitution is discussed at a fundamental level. In which way, can we speak about such a Constitution? Thearticle argues against the “postnational souveranism”, legitimating state against citizens. A new kind of citizenship is favoured based on extended social rights. The constitution now proposed contrarily makes the European Central Bank and its neoliberal policy to central and nearly unchangeable institution.

Dramatis Institutiones

2017 ◽  
Author(s):  
C. Randall Henning
Keyword(s):  
European Union ◽  
Central Bank ◽  
International Monetary Fund ◽  
Euro Area ◽  
European Central Bank ◽  
The European Union ◽  
European Central ◽  
Regime Complex ◽  
Basic Facts ◽  
Institutional Conflict

The regime complex for crisis finance in the euro area included the European Council, Council of the European Union, and Eurogroup in addition to the three institutions of the troika. As the member states acted largely, though not exclusively, through the council system, these bodies stood at the center of the institutional mix. This chapter reviews the institutions as a prelude to examining the dilemmas that confronted them over the course of the crises. It presents a brief review of some of the basic facts about their origins, membership, and organization. Each section then delves more deeply into these institutions’ governance and principles to understand their capabilities and strategic challenges. As a consequence of different mandates and design, the European Commission, European Central Bank, and International Monetary Fund diverged with respect to their approach to financing, adjustment, conditionality, and debt sustainability. This divergence set the stage for institutional conflict in the country programs.

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