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Válságok és alkalmazkodás: az Európai Központi Bank monetáris politikájának fejlődése
[Crises and accommodation: The evolution of the European Central Bank s monetary policy]

Author

Listed:
  • Végh, Marcell Zoltán

  • Pelle, Anita

Abstract

Az Európai Központi Bank (EKB) eddigi mintegy negyedszázados működését válságok övezik, ami próbára teszi, alkalmazkodásra készteti ortodox monetáris politikáját. Az euróövezet jegybankjának szerepét kronológiai megközelítésben, a kritikai elemzés módszerével értékeljük az inflációs célt követő monetáris politika elméleti és gyakorlati keretrendszerében. Az EKB válságkezelésének jól azonosítható szakaszai vannak. A 2008-as válságra adott kamatcsökkentési reakció később elégtelennek bizonyult, majd az eszközvásárlási programok megerősítették a jegybank végső hitelezői szerepét. Az eurót használó némely tagállam szuverén adósságválságának kezelése vegyes eredményeket hozott. A pandémia keltette válságra a reakció gyors és határozott volt, ám a gazdaságok újraindulásával jelentkeztek a döntések mellékhatásai: visszatért az infláció, amelyet az energiaválság csak súlyosbított. Legújabban a klímaválságra adott uniós válasz, a zöld átállás hat az európai közös monetáris politika irányára. Bár az inflációs célkövetés primátusa megmaradt, a pénzügyi stabilitás biztosítása felértékelődik.

Suggested Citation

  • Végh, Marcell Zoltán & Pelle, Anita, 2025. "Válságok és alkalmazkodás: az Európai Központi Bank monetáris politikájának fejlődése [Crises and accommodation: The evolution of the European Central Bank s monetary policy]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1226-1244.
    • Handle: RePEc:ksa:szemle:2288
    DOI: 10.18414/KSZ.2025.12.1226
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    References listed on IDEAS

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    JEL classification:

    • 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
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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