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20 Years of European Monetary Policy. From Doctrinarism to Realpolitik

Author

Listed:
  • Luis à ngel Hierro
  • Antonio José Garzón
  • Helena Domínguez-Torres

Abstract

This paper describes the monetary policy of the European Central Bank since the birth of the Euro. The different economic situations and the monetary policies implemented during the mandate of each one of the three ECB presidents are analysed as a process of evolution. We study the situations of cyclical asynchrony together with the response given to it by the European monetary authority. We also assess the change experienced by the main economic indicators of the twelve founding countries during the 20 years of the single currency. The main conclusion obtained is that monetary policy has evolved from the strict approach defined in the Treaty on the Functioning of the European Union to an approach closer to that of the rest of central banks, which we have called “monetary realpolitik†. JEL Codes - E50; E52; E58

Suggested Citation

  • Luis à ngel Hierro & Antonio José Garzón & Helena Domínguez-Torres, 2019. "20 Years of European Monetary Policy. From Doctrinarism to Realpolitik," Scientific Annals of Economics and Business (continues Analele Stiintifice), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 66(si), pages 149-172, December.
    • Handle: RePEc:aic:saebjn:v:66:y:2019:i:si:p:149-172:n:169
    DOI: 10.47743/saeb-2019-0032
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    More about this item

    Keywords

    Euro; monetary policy; ECB; cyclical asynchrony;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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