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Aspects Regarding the Monetary Policy in The European Union's Countries

Author

Listed:
  • Irena Munteanu

    (“Ovidius†University of Constanta, Faculty of Economic Sciences, Romania)

  • Amelia Petrică

    (“Ovidius†University of Constanta, Faculty of Economic Sciences, Romania)

Abstract

Monetary policy is a task of central banks. Until recently, each country had its own monetary policy. After the introduction of the single euro, monetary policy for the whole euro area is the ECB's responsibility. In non-euro EU countries, monetary policy is conducted by each national central bank. In EU countries, regardless of currency, the monetary policy instruments are: open market operations, standing facilities and minimum reserve requirements. These operations are based on the monetary policy interest rate, but also on the interest rate on the lending and deposit facility. The study analysed the corridor in which these rates are situated in the period 2017-2022 for the EU countries. It will be seen that there are situations where we have a symmetric corridor with respect to the base rate, but also countries or periods where the corridor is asymmetric. The analysis of interest rates is a topical subject, especially at a time when inflation is an international problem.

Suggested Citation

  • Irena Munteanu & Amelia Petrică, 2022. "Aspects Regarding the Monetary Policy in The European Union's Countries," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 933-942, Decembrie.
    • Handle: RePEc:ovi:oviste:v:xxii:y:2022:i:2:p:933-942
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    References listed on IDEAS

    as
    1. Brouwer, Nils & de Haan, Jakob, 2022. "Trust in the ECB: Drivers and consequences," European Journal of Political Economy, Elsevier, vol. 74(C).
    2. Irena Munteanu & Elena Dobre, 2021. "Financial Intermediation in Romania," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 1072-1077, December.
    3. Alina Elena Cerchi & Alexandra Zaif, 2019. "Customer Relationship Management in Romanian Banks," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 440-446, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    monetary policy interest rate; banking system; spread;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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