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Crises have shaped the European Central Bank

Author

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  • Wellink, Nout

Abstract

Europe embarked on the Economic and Monetary Union 25 years ago without sufficiently safeguarding some of the essential conditions that must be met to run a monetary union smoothly. The consequences of this omission came to light during the many and unprecedented crises that have shaped the European Central Bank. This article analyses and critically discusses the changing interpretation of the objective of price stability and the use of non-conventional policy instruments to realize this objective. Furthermore, the author analyses the problems with the monetary transmission within the eurozone and the framework for financial stability and supervision.

Suggested Citation

  • Wellink, Nout, 2023. "Crises have shaped the European Central Bank," Journal of International Money and Finance, Elsevier, vol. 138(C).
    • Handle: RePEc:eee:jimfin:v:138:y:2023:i:c:s0261560623001249
    DOI: 10.1016/j.jimonfin.2023.102923
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    Cited by:

    1. De Grauwe, Paul & Ji, Yuemei, 2024. "How to conduct monetary policies: the ECB in the past, present and future," LSE Research Online Documents on Economics 122133, London School of Economics and Political Science, LSE Library.

    More about this item

    Keywords

    Conventional and unconventional monetary policy; Economic and Monetary Union; European Central Bank; Bank supervision; Financial stability;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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