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European Central Bank and monetary policy in the euro area

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  • Vítor Gaspar
  • Otmar Issing
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    Abstract

    Since 1 January 1999 the European Central Bank (ECB) has had sole responsibility for monetary policy in the euro area. Its main aim is to maintain price stability over the medium term. It is completely independent. The ECB has been successful in maintaining price stability and well-anchored inflation expectations. The euro is now a well-established international currency and a symbol of European integration. The financial and economic crises of 2007–2011 made the tension between the single monetary policy and national responsibilities for economic policies and financial stability visible. This is the main challenge going forward.

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    Bibliographic Info

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    This chapter was published in: Steven N. Durlauf & Lawrence E. Blume (ed.) , , pages , 2011, 1st quarter update.

    This item is provided by Palgrave Macmillan in its series The New Palgrave Dictionary of Economics with number v:5:year:2011:doi:3846.

    Handle: RePEc:pal:dofeco:v:5:year:2011:doi:3846

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    Related research

    Keywords: euro; European Union; European Central Bank; monetary policy; price stability; expectations; credibility; finance;

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