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Monetary Policy

In: Monetary and Financial Policy in the Euro Area

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  • Maximilian Fandl

Abstract

Monetary policy is a shared responsibility by the ECB and national central banks in the euro area. This chapter explains how it is conducted in practice and how it affects the financial system as well as the broader economy. The chapter is structured as follows: First, we discuss the objectives that are pursued by monetary policy and the institutions that are involved. Second, we investigate which policy instruments are used, including both standard and nonstandard measures. Lastly, we put euro area monetary policy in a global context and discuss the responsibility of central banks for foreign exchange policy vis-à-vis non-euro area countries in Europe and other parts of the world.

Suggested Citation

  • Maximilian Fandl, 2018. "Monetary Policy," Springer Texts in Business and Economics, in: Monetary and Financial Policy in the Euro Area, chapter 2, pages 41-79, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-72643-4_2
    DOI: 10.1007/978-3-319-72643-4_2
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