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Changes In The European Central Bank (Ecb) Approaches In Matters Of Monetary Policy After The Outbreak Of The International Financial Crisis


  • SBARCEA Ioana

    (Lucian Blaga University of Sibiu, Romania)


The problem of monetary policy is a current one, given the fact that now, through this component of the economic policy, the monetary authority of each state tries to solve the problems considered essential for each economy separately. Through this article I have tried to capture the major changes regarding the implementation of the ECB's monetary policy before and after the outbreak of the international financial crisis. Following the analysis I have shown that the monetary policy of the ECB is not a constant one in its actions and instruments used but it is adapted to a conjuncture context through which the European economy is passing through. Therefore, in this paper I have broadly shown the instruments used by the ECB for the monetary policy since the year 2005 up to now. I have thus noticed that the optic of the monetary policy has changed after the outbreak of the crisis, trying to contribute to the economic recovery by boosting the lending. Given the highly complex context through which the economy of the Euro area is going through today, challenges for the ECB for the monetary policy are increasing.

Suggested Citation

  • SBARCEA Ioana, 2012. "Changes In The European Central Bank (Ecb) Approaches In Matters Of Monetary Policy After The Outbreak Of The International Financial Crisis," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 7(3), pages 129-141, December.
  • Handle: RePEc:blg:journl:v:7:y:2012:i:3:p:129-141

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    References listed on IDEAS

    1. Nelson, Daniel B, 1991. "Conditional Heteroskedasticity in Asset Returns: A New Approach," Econometrica, Econometric Society, vol. 59(2), pages 347-370, March.
    2. Radu Lupu & Iulia Lupu, 2007. "Testing for Heteroskedasticity on the Bucharest Stock Exchange," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 10(23), pages 19-28, June.
    3. Bollerslev, Tim, 1986. "Generalized autoregressive conditional heteroskedasticity," Journal of Econometrics, Elsevier, vol. 31(3), pages 307-327, April.
    4. Bollerslev, Tim & Chou, Ray Y. & Kroner, Kenneth F., 1992. "ARCH modeling in finance : A review of the theory and empirical evidence," Journal of Econometrics, Elsevier, vol. 52(1-2), pages 5-59.
    5. Oana Mădălina PREDESCU & Stelian STANCU, 2011. "Portfolio Risk Analysis using ARCH and GARCH Models in the Context of the Global Financial Crisis," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(2(555)), pages 75-88, February.
    6. Miron, Dumitru & Tudor, Cristiana, 2010. "Asymmetric Conditional Volatility Models: Empirical Estimation and Comparison of Forecasting Accuracy," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), September.
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