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European System of Central Banks in Fiscal Policy Community

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  • Daniela Iuliana Radu

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Abstract

European system of central banks contributes to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system. Increasing the role of central banks created the impression that these institutions can solve all economic problems. As a result, governments, which previously did not look too great enthusiasm progressively increasing powers of central banks have begun to accept that they try to compensate for the shortcomings of their own economic policies - even if some legislators and representatives of the public s were concerned appeared democratic deficit by shifting the burden of economic policy making by an institution whose leadership is elected by universal suffrage.

Suggested Citation

  • Daniela Iuliana Radu, 2015. "European System of Central Banks in Fiscal Policy Community," Knowledge Horizons - Economics, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 7(2), pages 108-110, June.
  • Handle: RePEc:khe:journl:v:7:y:2015:i:2:p:108-110
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    References listed on IDEAS

    as
    1. Forni, Lorenzo & Monteforte, Libero & Sessa, Luca, 2009. "The general equilibrium effects of fiscal policy: Estimates for the Euro area," Journal of Public Economics, Elsevier, vol. 93(3-4), pages 559-585, April.
    2. Marcellino, Massimiliano, 2006. "Some stylized facts on non-systematic fiscal policy in the Euro area," Journal of Macroeconomics, Elsevier, vol. 28(3), pages 461-479, September.
    3. Ratto, Marco & Roeger, Werner & Veld, Jan in 't, 2009. "QUEST III: An estimated open-economy DSGE model of the euro area with fiscal and monetary policy," Economic Modelling, Elsevier, vol. 26(1), pages 222-233, January.
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