IDEAS home Printed from https://ideas.repec.org/h/pal/dofeco/v5year2011doi3846.html
   My bibliography  Save this book chapter

European Central Bank and monetary policy in the euro area

Author

Listed:
  • Vítor Gaspar
  • Otmar Issing

Abstract

Since 1 January 1999 the European Central Bank (ECB) has had sole responsibility for monetary policy in the euro area. Its main aim is to maintain price stability over the medium term. It is completely independent. The ECB has been successful in maintaining price stability and well-anchored inflation expectations. The euro is now a well-established international currency and a symbol of European integration. The financial and economic crises of 2007–2011 made the tension between the single monetary policy and national responsibilities for economic policies and financial stability visible. This is the main challenge going forward.

Suggested Citation

  • Vítor Gaspar & Otmar Issing, 2011. "European Central Bank and monetary policy in the euro area," The New Palgrave Dictionary of Economics,, Palgrave Macmillan.
    • Handle: RePEc:pal:dofeco:v:5:year:2011:doi:3846
    as

    Download full text from publisher

    File URL: http://www.dictionaryofeconomics.com/article?id=pde2011_M000429
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Alice Albonico & Alessia Paccagnini & Patrizio Tirelli, 2019. "Limited Asset Market Participation And The Euro Area Crisis: An Empirical Dsge Model," Economic Inquiry, Western Economic Association International, vol. 57(3), pages 1302-1323, July.
    2. Alice Albonico & Alessia Paccagnini & Patrizio Tirelli, 2014. "Estimating a DSGE model with Limited Asset Market Participation for the Euro Area," Working Papers 286, University of Milano-Bicocca, Department of Economics, revised Nov 2014.

    More about this item

    Keywords

    euro; European Union; European Central Bank; monetary policy; price stability; expectations; credibility; finance;
    All these keywords.

    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
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:dofeco:v:5:year:2011:doi:3846. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sheeja Sanoj (email available below). General contact details of provider: http://www.palgrave-journals.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.