Macroprudential Policy and Non-Standard Measures of the European Central Bank and the Croatian National Bank

As part of the fight against the negative consequences of the 2008 global financial crisis, the European Central Bank (ECB), in addition to traditional monetary policy instruments for the purpose of economic recovery, began to implement non-standard measures relatively early. At the same time, after the crisis, there is an intensive study of macroprudential policy and the implementation of its instruments. On the other hand, the Croatian National Bank (CNB) used macroprudential instruments even before the crisis, but the first non-standard monetary policy measure was implemented in March 2020. Proven research confirmed that the implementation of monetary policy and the implementation of non-standard measures had a positive impact on economic recovery. An analysis using descriptive statistics at EU level showed that there is a significant negative correlation between monetary aggregates and the unemployment rate. The conducted analysis in Croatia also shows a statistically significant negative correlation between the money supply and the unemployment rate. However, analyzing at the EU and Croatian level M2 the monetary aggregate reduced by the money supply M1 and the unemployment rate, a strong positive correlation is visible, which means that the increase in savings leads to an increase in the unemployment rate. The relations between inflation and debt in GDP with other variables are statistically insignificant both at the EU level and in the Republic of Croatia.