MONETARY POLICY OF EUROPEAN CENTRAL BANK AFTER BREXIT
Autor (i): Valentin Mihai Leoveanu
JEL: E42, E52, E58, O23
Cuvinte cheie: unconventional measures, accomodative monetary policy, transmission mechanism, forward guidance, SWOT analysis
Abstract:
The result of the referendum on Great Britain leaving the European Union have led to major disturbances in European and international financial markets, which made necessary the intervention of central banks in European countries. Responsible for price stability and financial stability in the euro area, the European Central Bank has acted and acts in order to limit the negative effects that such an event has and will have in the future. In this respect, the present study aims to highlight the causes that led to Brexit, the economic, financial and monetary effects of this decision on the countries in the euro area and the EU, the implications for the conduct of monetary policy of the ECB, in particular on the monetary tools used and their effect, and the answer of the ECB to Brexit concerning the trend of Euroarea economy. The results of research underline the importance of ECB measures regarding the support of a healthy economic growth in Euro area and a sustainable macroeconomic stability in European Union.
The result of the referendum on Great Britain leaving the European Union have led to major disturbances in European and international financial markets, which made necessary the intervention of central banks in European countries. Responsible for price stability and financial stability in the euro area, the European Central Bank has acted and acts in order to limit the negative effects that such an event has and will have in the future. In this respect, the present study aims to highlight the causes that led to Brexit, the economic, financial and monetary effects of this decision on the countries in the euro area and the EU, the implications for the conduct of monetary policy of the ECB, in particular on the monetary tools used and their effect, and the answer of the ECB to Brexit concerning the trend of Euroarea economy. The results of research underline the importance of ECB measures regarding the support of a healthy economic growth in Euro area and a sustainable macroeconomic stability in European Union.
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