European Central Bank Monetary Policy The View Of The Sovereign Debt Crisis
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European Central Bank Monetary Policy The View Of The Sovereign Debt Crisis
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Author : Felix Lesch
language : de
Publisher: GRIN Verlag
Release Date : 2021-05-21
European Central Bank Monetary Policy The View Of The Sovereign Debt Crisis written by Felix Lesch and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-21 with Business & Economics categories.
Studienarbeit aus dem Jahr 2020 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1,0, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule, Sprache: Deutsch, Abstract: This paper is about the European Central Bank Monetary Policy and the View of the Sovereign Debt Crisis. „Whatever it takes“– three simple but effective words had the desired effect and calmed the government bond markets in the summer of 2012, whose developments in the wake of the European sovereign debt crisis had led to immense financing difficulties for some member states of the euro area. Even more, the statement by Mario Draghi, then president of the European Central Bank (ECB), underlined the determination with which the ECB is willing to prevent a possible break up of the euro area. The measures taken by the ECB have included interest rate cuts, negative interest rates and purchase programmes of various assets. However, the ECB's measures did not meet with the exclusive approval of experts, they sometimes caused harsh public criticism and even the judiciary, in form of the Bundesverfassungsgericht (German Federal Constitutional Court) and the European Court of Justice (ECJ), had to address the issue. Against this background, this assignment aims to examine whether the monetary policy of the ECB infringes Article 123 (1) Treaty on the Functioning of the European Union (TFEU) which states the prohibition on monetary financing of member state budgets. To begin with, the origins of the European sovereign debt crisis are explained. The paper then outlines selected non-standard monetary policy measures taken by the ECB to mitigate the effects of the crisis, in form of Outright Money Transactions (OMTs) and the Public Sector Purchase Programme (PSPP). The fourth chapter focuses on the PSPP and analyses the programme against the background of Article 123(1) TFEU.
The European Central Bank Between The Financial Crisis And Populisms
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Author : Corrado Macchiarelli
language : en
Publisher: Springer Nature
Release Date : 2020-08-25
The European Central Bank Between The Financial Crisis And Populisms written by Corrado Macchiarelli and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-25 with Political Science categories.
In light of the handover from the European Central Bank President Mario Draghi to Christine Lagarde in November 2019, this book provides an in-depth analysis of the events which unfolded since the euro area sovereign debt crisis in 2010 up until today. The book focuses on the far-reaching implications of the last decade, shedding light on a wide spectrum of political, economic and financial aspects of the European poly-crises and how monetary policy reacted to these challenges. The book places particular emphasis on the tensions that the supranational central bank was subject to during this period, and on their outcomes in terms of the policies, their legitimacy, and their public reception. As such, this book will be relevant not only to understand the political implications of the past crisis but also, and foremost, in understanding "what is next".
The European Central Bank
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Author : D. Howarth
language : en
Publisher: Springer
Release Date : 2003-05-14
The European Central Bank written by D. Howarth and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-05-14 with Business & Economics categories.
David Howarth and Peter Loedel provide a theoretically inspired account of the creation, design and operation of the European Central Bank. Issues explored include the theoretical approaches to the ECB, the antecedents of European monetary authority, the different national perspectives on central bank independence, the complex organisation of the bank, the issues of accountability and the difficult first years of the ECB in operation.
Monetary Policy In Times Of Crisis
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Author : Massimo Rostagno
language : en
Publisher: Oxford University Press
Release Date : 2021-06-11
Monetary Policy In Times Of Crisis written by Massimo Rostagno and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-11 with Business & Economics categories.
The first twenty years of the European Central Bank (ECB) offer a clear demonstration of how a central bank can navigate macroeconomic insecurity and crisis. As the global economy moves into a new phase of unheralded uncertainty, the story of the ECB holds multiple lessons of wider significance for the central banking community and researchers of monetary policy. This volume provides a unique account of how the ECB has reacted to the challenges confronting the euro area through its monetary policy, turning to innovative measures and unprecedented policy actions to fend off the various threats posed by the global financial turmoil of 2007/08, the euro area sovereign debt market crisis, and the subsequent period of anaemic growth and deflationary pressures. It also addresses some of the criticisms the ECB has faced regarding its policy initiatives. It identifies the ultimate motivation behind the ECB's cautious attitude in the early phases of the financial crisis, and its peculiar definition of price stability and attention for credit creation, as well as addressing the criticism that central banks were fundamentally unprepared to head off a major financial cataclysm as they were wedded to a deficient economic paradigm which made them blind to financial risks. It also shows that the ECB's unconventional low-interest policies have not compromised the position of financial intermediaries in the way commentators initially predicted they would. By condensing the facts and lessons of the first 20 years of the ECB, this volume will acquaint the reader with the structures and decision-making processes behind the complex, often controversial, crisis measures that were taken during some of the toughest economic challenges in the history of modern Europe, and provide them with fresh ex-post analysis on their effect on the real economy and inflation.
Managing The Sovereign Bank Nexus
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Author : Mr.Giovanni Dell'Ariccia
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-07
Managing The Sovereign Bank Nexus written by Mr.Giovanni Dell'Ariccia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-07 with Business & Economics categories.
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
The Monetary Policy Of Central Banks Before And During The Crisis
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Author : Daniel Schuck
language : en
Publisher: GRIN Verlag
Release Date : 2015-07-06
The Monetary Policy Of Central Banks Before And During The Crisis written by Daniel Schuck and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-06 with Business & Economics categories.
Master's Thesis from the year 2014 in the subject Economics - International Economic Relations, grade: 1,2, University of Applied Sciences Saarbrücken (Faculty of Business and Economics), language: English, abstract: The Federal Reserve System and the European Central Bank were both forced to implement unconventional monetary policy measures as a response to the severe impact of the global financial crisis and its aftermath. In the first stage of the global financial crisis, the conventional and unconventional monetary policy measures implemented by the Federal Reserve System and the European Central Bank were fairly similar. Both central banks focused on providing the banking sector with liquidity in order to restore interbank lending as it was a key element of ensuring a functional monetary transmission mechanism. However, when the global financial crisis transformed to a sovereign debt crisis in the euro area in 2010, the European Central Bank faced increasing divergence in sovereign spreads and the potential insolvency of euro area Member States. Therefore, its unconventional monetary policy measures focused on credit easing by purchasing sovereign as well as covered bonds in order to improve banks’ and governments’ funding costs. By contrast, the Federal Reserve System massively purchased government bonds and focused on decreasing interest rates and asset prices through the use of quantitative easing.
The Euro And The Crisis
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Author : Nazaré da Costa Cabral
language : en
Publisher: Springer
Release Date : 2016-11-30
The Euro And The Crisis written by Nazaré da Costa Cabral and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-30 with Business & Economics categories.
This book analyzes the effects of the recent crisis and evaluates potential solutions to the gridlock that is currently dominating the Eurozone and the European Union, concerning both the monetary policy and the budgetary and fiscal policy. The timely study highlights the main challenges that European political leaders will face in the months to come. Furthermore, its interdisciplinary approach embraces economic, financial and legal perspectives, so as to ensure the global coherence and comprehensiveness of its content. The contributors to this volume are prominent experts from the areas of Economics, Finance, Law, and Political Science, offering readers a multifaceted view of the topics discussed.
Ecb Policy Choice During The Crisis
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Author : Lauréline Chatelain
language : en
Publisher:
Release Date : 2012
Ecb Policy Choice During The Crisis written by Lauréline Chatelain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
The goal of this paper is to evaluate the relevance of the liquidity trap for the European Central Bank's monetary policies and decisions during first the Financial Crisis and then during the Sovereign Debt Crisis. This thesis brings forth the actual significance of the liquidity trap after studying its theoretical fundament in order to perfectly understand the concept, starting with Keynes and the IS-LM model. The origins and effects of both crises are reviewed in order to fully comprehend the advised and applied monetary measures. The liquidity trap is actually found relevant thanks to the comparison of the monetary measures recommended by economists in order to enable the economy to escape the liquidity trap's phenomenon, with the actual monetary policy implemented by the ECB.
The Crisis Oriented Monetary Policy Of The Ecb Consequences For The Emu States
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Author : Johann Gross
language : en
Publisher: GRIN Verlag
Release Date : 2017-01-16
The Crisis Oriented Monetary Policy Of The Ecb Consequences For The Emu States written by Johann Gross and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-16 with Business & Economics categories.
Master's Thesis from the year 2015 in the subject Economics - Monetary theory and policy, grade: 1, University of applied sciences, Nürnberg, course: International Management, language: English, abstract: With the launch of the Eurozone as a monetary union and the EU as a supranational amalgamation of sovereign countries, the European debt crisis tangents nearly all member states and does not limit itself to several countries. Exactly here the shoe pinches, as former national problems transferred into international challenges with economic and social costs for a higher group of states which have to bear the consequences. The first problem is, that the stability-oriented monetary policy of the ECB turned into crisis-oriented operations and unconventional monetary decisions which potentially will convert in real consequences for the EMU states and cause economic costs. Second, the European debt crisis is not solved by bailing out countries like the PIIGS states, as governments still increase their public debts, the EU and its institutions only achieve a suspension of the problem but does not resolve it by the roots. Most of the so called PIIGS states, did not use the low-interest period to remove the debt level and to reform their economic structure for a higher economic competitiveness which would have an effect on the GDP. Rather, some states increased their public debts and had a decrease in the GDP, which definitely turns into a grave situation.
The Ecb S Non Standard Monetary Policy Measures
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Author : Philippine Cour-Thimann
language : en
Publisher:
Release Date : 2013
The Ecb S Non Standard Monetary Policy Measures written by Philippine Cour-Thimann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.