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The ECB’s Unconventional Monetary Policy

In: Monetary Integration in Europe

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  • Horst Tomann

    (Freie Universitaet (FU) Berlin)

Abstract

Chapter 7 begins by briefly describing the emergence of the financial crisis in Europe, highlighting the typical patterns. Then, the ECB’s non-standard monetary policy measures in response to the financial crisis and the sovereign debt crisis are reviewed with a special focus on asset purchase programmes. The ECB, in implementing unconventional monetary policy measures, was confronted with specific problems which can be traced back to shortcomings in the basic relationship between (European) monetary policy and (national) fiscal policies in the European monetary union. Against this background, the chapter assesses the ECB’s unconventional monetary policy based on the concept of ‘stock-flow consistency’ in monetary economics and discusses different options for resolving these deficiencies.

Suggested Citation

  • Horst Tomann, 2017. "The ECB’s Unconventional Monetary Policy," Studies in Economic Transition, in: Monetary Integration in Europe, edition 2, chapter 7, pages 135-150, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-319-59247-3_7
    DOI: 10.1007/978-3-319-59247-3_7
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