The Increasing Importance Of European Central Bank

The European Central Bank had and still has the main role. It is a young institution, with a multinational character, whose policies have broad relevance from a geographical perspective, having organizational and financial autonomy. ECB's role is growing. We are currently witnessing the birth of a new European project - the establishment of a European banking union, the heart of which is represented by the European Central Bank. European officials consider that after the European Monetary Union, the European banking union is likely to give greater substance to the idea of "more restricted unions" of the European Union’s peoples, as the Treaty of Rome suggested. Apparently, ECB’s role is limited to the monetary policy. In reality, it equally affects: the fiscal policy and the budgetary policy. However, as a relatively new player on the European scene, the ECB succeeds in dealing with the challenges posed by the current economic crisis, although it lacked institutional experience, the necessary strategy and tools consolidated in case of other central traditional banks.