Implicații ale politicii monetare unice în susținerea integrării financiare europene
[The implications of single monetary policy in sustaining European financial integration]
AbstractThe aim of this paper is to illustrate the general implications of single monetary policy in sustaining European financial integration. Our study is structured on two main sections; the first one presents the importance of money market integration for the common policy and the seconds analyses the transmission mechanism functioning under financial distress. An efficient and integrated money market is essential for a sound monetary policy, given that it provides an even distribution of central bank liquidity and a homogeneous level of short-term interest rates in the entire space of the common currency. If monetary policy transmission mechanism has been irreversibly affected by the international crisis, it is still premature to determine.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 29147.
Date of creation: 12 Feb 2011
Date of revision:
single policy; transmission mechanism; financial distress; pass-through process;
Find related papers by JEL classification:
- F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- G01 - Financial Economics - - General - - - Financial Crises
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- Darracq Pariès, Matthieu & Moyen, Stéphane, 2009.
"Monetary policy and inflationary shocks under imperfect credibility,"
Working Paper Series, European Central Bank
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