Implicații ale politicii monetare unice în susținerea integrării financiare europene
[The implications of single monetary policy in sustaining European financial integration]
The aim of this paper is to illustrate the general implications of single monetary policy in sustaining European financial integration. Our study is structured on two main sections; the first one presents the importance of money market integration for the common policy and the seconds analyses the transmission mechanism functioning under financial distress. An efficient and integrated money market is essential for a sound monetary policy, given that it provides an even distribution of central bank liquidity and a homogeneous level of short-term interest rates in the entire space of the common currency. If monetary policy transmission mechanism has been irreversibly affected by the international crisis, it is still premature to determine.
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- Arturo Estrella, 2002. "Securitization and the efficacy of monetary policy," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 243-255.
- Darracq Pariès, Matthieu & Moyen, Stéphane, 2009.
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Working Paper Series
1065, European Central Bank.
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- Escriva, J.L. & Fagan, F.P., 1996. "Empirical assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries," Papers 2, European Monetary Institute.
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