Possible scenarios for European monetary policy in 2021

2021 ◽  
pp. 4-13
Author(s):  
Yulia Alekseevna Polyakova
Keyword(s):  
European Union ◽  
Monetary Policy ◽  
Level Structure ◽  
System Level ◽  
The European Union ◽  
European Monetary ◽  
Global Pandemic ◽  
Force Majeure ◽  
Global Nature ◽  
European Monetary Policy

The article analyzes the proposed directions (scenarios) of fi ne-tuning of monetary policy of the European Union and the likely consequences of global pandemic volatility. The article also points to the need to continue to reform the European monetary policy, particularly considering the role of the euro in the modern system of international fi nance, the EU debt problems and competition with the U.S. dollar. The widespread prevalence of COVID-19 and the related periods of self-isolation and lockdowns have exacerbated monetary and fi nancial problems even in the world’s leading countries such as the European Union. The solution of monetary problems in its multi-level structure is entrusted to the European Central Bank, which acts as a regional (and at the same time supranational) regulator of the monetary and fi nancial sphere at the system level. The pursued unconventional monetary policy, aimed at getting out of the prolonged recession and defl ation, is facing new challenges, including those of a global nature. Therefore, it is necessary to analyze the current situation and identify the real reasons that prevent the achievement of these goals. The author comes to conclusion that they can be classifi ed into external and internal causes, exogenous and endogenous, fundamental and force majeure. However, the coronavirus formally related to the latter, as it seems in view of the onset of the second wave and the projected third, can, to a certain extent, be considered a hybrid one, beginning to exert a comprehensive infl uence, aff ecting all spheres of human activity and certainly monetary and fi nancial sphere as well. Exchange rates are becoming more volatile, and traditional measures to regulate them are no longer eff ective. Consequently, the need to fi nd new approaches to monetary policy, especially for the European Union, with its becoming permanent debt problems, capital under-regulation and unfi nished regional currency digitalization, is becoming increasingly evident.

scholarly journals 20 YEARS OF EUROPEAN MONETARY POLICY. FROM DOCTRINARISM TO REALPOLITIK

2019 ◽  
pp. 149-172
Author(s):  
Luis Ángel Hierro ◽  
Antonio José Garzón ◽  
Helena Domínguez-Torres
Keyword(s):  
European Union ◽  
Monetary Policy ◽  
Central Bank ◽  
European Central Bank ◽  
Central Banks ◽  
The European Union ◽  
European Monetary ◽  
Monetary Policies ◽  
European Central ◽  
European Monetary Policy

This paper describes the monetary policy of the European Central Bank since the birth of the Euro. The different economic situations and the monetary policies implemented during the mandate of each one of the three ECB presidents are analysed as a process of evolution. We study the situations of cyclical asynchrony together with the response given to it by the European monetary authority. We also assess the change experienced by the main economic indicators of the twelve founding countries during the 20 years of the single currency. The main conclusion obtained is that monetary policy has evolved from the strict approach defined in the Treaty on the Functioning of the European Union to an approach closer to that of the rest of central banks, which we have called “monetary realpolitik”.

The Governance of the European Union: A New Institutionalist Approach

1993 ◽  
Vol 13 (4) ◽  
pp. 351-380 ◽  
Author(s):  
Simon J. Bulmer
Keyword(s):  
Public Policy ◽  
European Union ◽  
International Relations ◽  
European Integration ◽  
European Community ◽  
Historical Institutionalism ◽  
System Level ◽  
The European Union ◽  
Comparative Public Policy ◽  
Policy Perspective

ABSTRACTThe analysis of European integration has tended to use a toolkit drawn from international relations. But since the revival of integration in the mid-1980s, the governance of the European Community and European Union has increasingly come to resemble that of a multi-tiered state. Accordingly, this article analyzes the governance of the European Union from a comparative public policy perspective. Using new or historical institutionalism, three levels are considered. In the first part, attention is focused on the EU's institutions and the available instruments of governance. The second part examines the analysis of governance at the policy-specific or sub-system level, and puts forward an approach based on governance regimes. The final part considers the institutional roots of the persistent, regulatory character of governance in the European Union.

The euro - our future in Europe

1998 ◽  
Vol 4 (1) ◽  
pp. 48-57
Author(s):  
Christa Randzio-Plath
Keyword(s):  
Monetary Union ◽  
Economic Conditions ◽  
Economic And Monetary Union ◽  
Democratic Accountability ◽  
The European Union ◽  
European Monetary ◽  
European Central ◽  
Economic Framework ◽  
Monetary Authorities ◽  
European Monetary Policy

Economic and Monetary Union has been created to complete the single market, to provide optimal macro-economic conditions for employment-enhancing growth and to promote further political integration in the European Union. Unfortunately in the discussion about monetary union the reasons why Europe needs EMU have been almost forgotten. As the future European Central Bank will be solely responsible for European monetary policy and thus be influencing strongly the overall macro-economic framework in Europe, the question of democratic accountability of monetary authorities needs to be debated. EMU is Europe's answer to the challenges of the 21 st century.

Development of European Union and joining perspective of Croatia

2007 ◽  
Vol 13 (2) ◽  
pp. 507-514
Author(s):  
Ivan Vuković
Keyword(s):  
European Union ◽  
Monetary Policy ◽  
Security Policy ◽  
Technological Development ◽  
Developed Countries ◽  
European Countries ◽  
The European Union ◽  
Demographic Development ◽  
The World ◽  
The Eu

In this paper we researched European Union starting with the Agreement from Maastrich from year 1992, even though the European Union has a long traditional history and its origin is founded on regulations of economical integrations in Europe beginning from the 1950’s through the Roman treaty from year 1957 and the forming of the European Union Committee in year 1965. Further we follow her expansion and introduction of the European economic and monetary policy, to last, the joining perspective of Croatia. According to the Agreement from Maastrich, European Union lies on three posts: 1) Legal-political and regulative post, 2) Economical post, where the forming of European economical and monetary policy is in the first plan, especially the introducing of Euro as the unique European currency, 3) Post of Mutual foreign security policy within European Union. In that context we need to highlight the research conducted here and in European Union, including the world, regarding development of European Union and its economical, legal, political and cultural, as well as foreign diplomatic results, which are all perspectives of European Union. All the scientists and researches which were involved in exploring the development of EU with its modern tendencies and development perspective, agree that extraordinary results are achieved regards to economical, legal, political, foreign-security and diplomatic views, even tough many repercussions exist in progress of some particular members and within the EU as a whole. The biggest controversy arises in the perspective and expanding of European Union regarding ratification of the Constitution of EU from particular country members, but especially after the referendum was refused from two European countries, France and Netherlands. According to some estimates, the Constitution of EU would have difficulty to be adopted in Switzerland and some other Scandinavian countries, but also in Great Britain and other very developed countries. However the European Community and European Union were developing and expanding towards third European countries, regardless of Constitutional non-existence, where we can assume that if and when the Constitution of EU will be ratified, the EU will further develop as one of the most modern communities. This will enable economical development, especially development of European business, unique European market and free trade of goods and services, market of financial capital and labour market in free movement of labour. Being that EU has become one of the most largest dominating markets in the world, it offers a possibility to all new members to divide labour by using modern knowledge and high technology which insure economical, social and political prosperity. This results to forming a society of European countries which will guarantee all rights and freedom of development for all nations and ethnic groups. As well as, all European countries with somewhat less sovereignty, but in international relations will be stronger and significant, not only in sense of economics, but also in politics and military diplomatic relations. Therefore, Croatia has no choice and perspective if she does not join the European Union till year 2010, but until than it needs to create its strategy of economical and scientific-technological development, including demographic development, which will insure equal progress of Croatia as an equal member of European Union.

scholarly journals The ECB's conundrum and 21st century monetary policy: How European monetary policy can be green, social and democratic

2021 ◽  
Author(s):  
Jens van 't Klooster
Keyword(s):  
Climate Change ◽  
Monetary Policy ◽  
21St Century ◽  
Political Institutions ◽  
Government Debt ◽  
European Monetary ◽  
European Monetary Policy

The ECB’s mandate was drafted 30 years ago and focuses narrowly on preventing inflation. As a consequences, the ECB lacks clear democratic guidance concerning the challenges it faces today: how to deal with government debt and what to do to fight climate change. This lack of guidance undermines the legitimacy of its choices and the effectiveness of its programmes. The EU’s political institutions can solve the ECB’s conundrum by providing it with renewed democratic authorisation.

18. Internal Policies

2021 ◽  
pp. 779-844
Author(s):  
Robert Schütze
Keyword(s):  
European Union ◽  
Monetary Policy ◽  
Social Policy ◽  
Consumer Protection ◽  
The European Union ◽  
The Social ◽  
National Economic ◽  
Internal Policy ◽  
Union Policy ◽  
Economic Choices

This chapter provides an overview of four internal Union policy areas that have come to significantly affect the lives of European citizens. It begins by introducing the Union's Economic and Monetary Policy. This policy is not only responsible for the creation of a common European currency—the euro—which has become a leading world currency; it recently provoked enormous controversy over the powers of the European Union to interfere with national economic choices. The chapter then moves to ‘Social Policy’; this is an important internal policy for a continent that prides itself on being the ‘social continent’. It also explores the Treaty title on ‘Consumer Protection’, which has had an enormous impact on national contract laws. Finally, the chapter looks at the Union's regional or cohesion policy.

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