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Reforming the European Monetary Policy, a Necessary Action?

Author

Listed:
  • DragoÈ™ Mihai UNGUREANU

    (piru Haret University, Faculty of Economic Sciences, 46 G Fabricii Str., District 6 Bucharest, Romania, Tel: 021 3169785)

  • Elena-Doina DASCALU

    (piru Haret University, Faculty of Economic Sciences, 46 G Fabricii Str., District 6 Bucharest, Romania, Tel: 021 3169785)

Abstract

It is important that central banks are held accountable for their performance since money is the central nervous system in a modern economy. The European Central Bank has contributed to the money disorder in the Eurozone by creating a huge asset bubble and current account imbalances before and during the financial crisis. There is a big and emerging debate in most parts of the developed world about changing the role for central banks and/or changing the rules used by central banks, but monetary policy in the Eurozone is obviously absent in that discussion. The paper aims to present and explain the need for the European monetary policy to be highly debated at the European level to recognize the vulnerabilities, and why not, reviewed where necessary in order for ECB to become a strong pillar for macroeconomic stability in the region.

Suggested Citation

  • DragoÈ™ Mihai UNGUREANU & Elena-Doina DASCALU, 2016. "Reforming the European Monetary Policy, a Necessary Action?," International Conference on Economic Sciences and Business Administration, Spiru Haret University, vol. 3(1), pages 226-236, October.
    • Handle: RePEc:icb:wpaper:v:3:y:2016:i:1:226-236
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    References listed on IDEAS

    as
    1. Issing,Otmar, 2008. "The Birth of the Euro," Cambridge Books, Cambridge University Press, number 9780521731867.
    2. Issing,Otmar, 2008. "The Birth of the Euro," Cambridge Books, Cambridge University Press, number 9780521516730.
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    4. Silvia Merler & Jean Pisani-Ferry, 2012. "Sudden Stops in the Euro Area," Review of Economics and Institutions, Università di Perugia, vol. 3(3).
    5. James, Harold, 2012. "Making the European Monetary Union," Economics Books, Harvard University Press, number 9780674066830, Spring.
    6. William R. White, 2012. "Ultra easy monetary policy and the law of unintended consequences," Globalization Institute Working Papers 126, Federal Reserve Bank of Dallas.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    monetary policy; asset bubble; financial crisis; deflation.;
    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
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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