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Current and Future ECB Monetary Policy

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  • Philip Arestis

    (Cambridge Centre for Economic and Public Policy, Department of Land Economy, University of Cambridg and University of the Basque Country UPV/EHU)

Abstract

This paper examines the operations of the European Central Bank (ECB) with respect to monetary policy, along with its effects on inflation, exchange rate and financial stability. It also discusses how the regulatory role of the ECB should be improved in the future. In this way, the paper discusses the involvement of the ECB in regulatory policy towards the financial sector, and the responses of the ECB to the financial crisis, instability and banks’ illiquidity and insolvency, as well as to sovereign insolvency. It begins with the current set up of the European Monetary Union (EMU) along with the theoretical principles of the EMU model, and the extent to which it conforms with the theoretical framework of the New Consensus Macroeconomics and its policy implications, namely inflation targeting. Problems with the current EMU arrangements are then discussed, followed by changes in view of the August 2007 financial crisis and the ‘great recession’. Required ECB changes, and of course changes in monetary policies are discussed before we finally summarize and conclude.

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Bibliographic Info

Paper provided by Financialisation, Economy, Society & Sustainable Development (FESSUD) Project in its series Working papers with number wpaper28.

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Length: 40 pages
Date of creation: 06 Mar 2014
Date of revision:
Handle: RePEc:fes:wpaper:wpaper28

Contact details of provider:
Postal: FESSUD Co-ordinator (Malcolm Sawyer) Leeds University Business School Maurice Keyworth Buidling Leeds LS2 9JT

Related research

Keywords: European Central Bank; Monetary Policy; European Monetary Union; Current and Future Developments.;

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