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The Monetary Policy of the ECB in the Time of Crisis The Current Empirical Analysis

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  • Zdeněk Pavlík
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    Abstract

    This paper investigates the monetary policy of the European Central Bank in the time of the financial, economic and European debt and banking crisis. This paper focuses on the actual issues connected with the debt and banking crisis in Europe. The attention is devoted to the risk development in the European banking sector and the development of the monetary policy of the ECB. The empirical analysis of the ECB ́s monetary policy points out the systematic change in its behavior, which means that the ECB has been more focused on the financial stability of the European banking sector instead of the standard aim regarding the price stability. The results of the paper show how the monetary policy of the ECB is more and more unconventional with a decreasing rate of independence. This fact would have a significant impact on a future development of the European banking sector and the European economic activity

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    Bibliographic Info

    Article provided by University of Economics, Prague in its journal Současná Evropa.

    Volume (Year): 2012 (2012)
    Issue (Month): 1 ()
    Pages: 3-28

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    Handle: RePEc:prg:jnlsev:v:2012:y:2012:i:1:id:10:p:3-28

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    Related research

    Keywords: monetary policy; interest rates; European banking sector; ECB; crisis; independence; Eurozone; měnová politika; úrokové míry; evropský bankovní sektor; ECB; krize; nezávislost; eurozóna;

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    1. Jaromir Baxa & Roman Horvath & Borek Vasicek, 2011. "Time-Varying Monetary-Policy Rules and Financial Stress: Does Financial Instability Matter for Monetary Policy?," Working Papers 2011/03, Czech National Bank, Research Department.
    2. Checherita-Westphal, Cristina & Rother, Philipp, 2010. "The impact of high and growing government debt on economic growth: an empirical investigation for the euro area," Working Paper Series 1237, European Central Bank.
    3. Michael D. Bordo & Agnieszka Markiewicz & Lars Jonung, 2011. "A Fiscal Union for the Euro: Some Lessons from History," NBER Working Papers 17380, National Bureau of Economic Research, Inc.
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