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Book
The design of the Eurosystems monetary policy instruments
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ISBN: 1281070408 9786611070403 3790819786 3790819778 Year: 2007 Publisher: New York, NY : Physica,

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Abstract

The creation of a single monetary currency and a single monetary policy in the euro area has faced extraordinary challenges, among them the design of suitable monetary policy instruments. This book evaluates monetary policy instruments of the Eurosystem against a number of requirements. For doing so, a theoretical model framework is developed which brings together the monetary policy activities of a central bank and the liquidity management of banks considering the main characteristics and institutional features of the euro area. Main results of this analysis are that different costs of obtaining liquidity directly from the central bank can explain the existence of an interbank market in the euro area and the positive spread between the interbank market rate and the repo rate; that the redesign of the Eurosystem’s instruments in 2004 has to be evaluated positively and that a further change to the minimum reserve system would enhance the flexibility of monetary policy in the euro area.


Book
The euro and its central bank
Author:
ISBN: 0262281155 1417560746 026226417X 9780262281157 9781417560745 9780262264174 Year: 2004 Publisher: Cambridge, Mass. MIT Press

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History and analysis of European monetary integration and related economic, financial, monetary, and international political issues: an accesible guide.This history and analysis of the euro and the European Central Bank traces the process of European monetary integration from its beginnings as a utopian vision in the aftermath of World War II through the establishment of a single currency managed by a central bank. Tommaso Padoa-Schioppa, a central banker who has been involved in the making of European monetary unification since 1979, offers an accessible guide to the euro and the European Central Bank for scholars, students, and the general reader, discussing the related economic, financial, monetary, and international political issues. In the process he also provides an overview of central banking in general and the multiple activities of a central bank; as the case of the European Central Bank illustrates, central banking involves not only monetary analysis and policy but much else, including banknote printing and handling, market operations, payment systems, bank supervision, and coordinating with other public institutions.Padoa-Schioppa begins with the historical background of European monetary integration, starting with the 1957 Treaty of Rome, which lay the foundation for the Common Market, and covering the 1992 Maastricht Treaty, the development of an anchor currency, and the "euroskepticism" of the U.K. Subsequent chapters are devoted to economic policy, monetary policy, the euro as unifier in the financial system, the payment system, the euro as an international actor outside "euroland," and the challenges ahead for the still relatively young project of European monetary integration.


Book
The European Central Bank : credibility, transparency, and centralization
Authors: --- ---
ISBN: 0262271400 1423728661 9780262271400 9781423728665 Year: 2005 Publisher: Cambridge, Mass. : MIT Press,

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An examination of the debates on European Central Bank monetary policy, focusing on issues of transparency, credibility, and accountability and the effect of the ECB's decentralized structure.The adoption of the euro in 1999 by 11 member states of the European Union created a single currency area second in economic size only to the United States. The euro zone's monetary policy is now set by the European Central Bank (ECB) and its Governing Council rather than by individual national central banks. This CESifo volume examines issues that have arisen in the first years of ECB monetary policy and analyzes the effect that current ECB policy strategy and structures may have in the future. After a detailed description and assessment of ECB monetary policy making that focuses on such issues as price stability and the predictability of policy decisions, the book turns to two important issues faced by European central bankers: the transparency and credibility of decision making and the ECB's decentralized structure. After showing that transparency in decision making enhances credibility, the book discusses the ECB's efforts at openness, its political independence as guaranteed by law, and its ultimate accountability. The book then considers the effects of the decentralized ECB structure, focusing on business cycle synchronization, inflation differentials, and differences in monetary policy transmission in light of the enlargement of the monetary union. The book also discusses options for ECB institutional reforms, including centralization, vote weighting, and cross-border regional banks.


Book
The European Central Bank as a Sustainability Role Model
Authors: --- --- ---
ISBN: 9783030554507 9783030554514 9783030554521 9783030554491 3030554503 303055449X Year: 2021 Publisher: Cham Springer International Publishing :Imprint: Springer

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This book examines selected actions and investments of the European Central Bank (ECB) from a climate and sustainability standpoint. Shedding new light on the topic from various angles – ethical, philosophical, political, economical and legal – it situates sustainability mainstreaming in the finance and investment field at all levels. The former ECB President Mario Draghi once said that he considered sustainable development and an intact environment to be human rights, and therefore enshrined in the EU Charter of Fundamental Rights. The acting ECB President Christine Lagarde added that the future path for the climate is uncertain, but it would remain within our power to influence it. However, with all that in mind the ECB’s policy of buying assets as securities is often questionable. This volume analyzes these actions in connection with sustainability, and puts forward practical recommendations for improving the ECB’s investment strategy on its way creating a sustainable financial market.


Book
Introduction of the euro and the monetary policy of the European Central Bank
Authors: ---
ISBN: 9812838422 9786612757600 1282757601 9812838430 9789812838421 9789812838438 Year: 2010 Publisher: Singapore ; Hackensack, NJ : World Scientific Pub. Co.,

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The work evaluates the policy problem of the Euro area from various fields, such as monetary, fiscal and exchange rate policy, and applies recently developed econometric techniques to empirical analysis.


Book
The European Central Bank at ten
Authors: ---
ISBN: 1283001934 9786613001931 3642142370 3642142362 3642427464 Year: 2010 Publisher: Berlin ; Heidelberg : Springer-Verlag,

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Coming at a critical juncture for the euro, the book takes stock of the ECB's experience during its first ten years and discusses the way ahead. The articles are written by well-known experts in the field and provide the reader with a comprehensive overview of relevant policy issues, including the ECB’s communication and its monetary strategy and instruments.


Book
The low interest rate policy of the European Central Bank
Author:
ISBN: 3960676190 9783960676195 3960671199 9783960671190 Year: 2017 Publisher: Hamburg Anchor Academic Publishing

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Central banks around the world have lowered their key interest rates to historical lows and implemented large asset purchase programs in the past few years. Within the scientific and, most recently, also increasingly in the political debate, the nominal interest rate is mainly the subject of discussion. The question is often raised whether saving and retirement provision are still worthwhile for private households, especially in Germany. In this context it is often ignored or not considered that the purchasing power of the nominal interest rates fluctuates considerably with the inflation rate. Inflation-adjusted real interest rates are therefore decisive for the actual income from financial assets and crucial for the savings and investment behavior. This study, therefore, shall play ist part to investigate scientifically the influence and correlation of low and negative key interest rates on yield levels of selected asset classes within the sphere of influence of the European Central Bank. In this context, the mainly populist question is also answered whether savers are expropriated slowly.


Book
European Central Banking Law
Authors: ---
ISBN: 9783030345648 3030345645 Year: 2020 Publisher: Cham Springer International Publishing :Imprint: Palgrave Macmillan

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This book provides a comprehensive overview of European Union (EU) central banking law, a field of EU economic law which emerged in the late 1990s and has developed rapidly ever since. European central banking law pertains to the rules governing the functions, operation, tasks and powers of the European Central Bank (ECB) and the national central banks (NCBs) of EU Member States. Systematically presenting and analysing the role of the ECB as a monetary and banking supervisory authority, the book discusses its changing and developing responsibilities following the financial crisis of 2007-2009 and the ongoing fiscal crisis in the euro area. The book also highlights the ECB’s significant role in relation to the resolution of credit institutions, as well as, conversely, its relatively limited role in respect of last-resort lending to EU credit institutions exposed to liquidity risk. The related tasks and powers of the ECB are presented in light of its interaction with NCBs within the Eurosystem, the European System of Financial Supervision, the Single Supervisory System and the Single Resolution Mechanism. Providing a detailed analysis of the legal framework governing (mainly) the ECB’s monetary policy and other basic tasks within the Eurosystem and its specific tasks in relation to banking supervision and macro-prudential financial oversight, this comprehensive book will be of interest to researchers, practitioners and students in the fields of EU monetary and banking law.


Book
The European Central Bank and its role in a sustainable finance system
Authors: --- ---
ISBN: 3031244788 303124477X Year: 2023 Publisher: Cham, Switzerland : Springer Nature Switzerland AG,

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This book analyses the new strategic decisions of the European Central Bank. Contributors from different fields examine especially the sustainability strategy of the ECB: What role can the European Central Bank play in fighting climate change? ECB President Christine Lagarde has repeatedly confirmed that the central bank wants to play a role in coping with climate change. What will this role be? What instruments does the ECB have to make a difference in challenges such as the defossilization of the economy and transport, biodiversity, the energy transition, resource consumption and other sustainability areas? Is it entitled or obliged to go beyond the classic mandate of maintaining price stability? The volume includes contributions from academics and practitioners from the financial sector, civil society and institutions involved at European level.


Book
Strategic policy interactions in a monetary union
Author:
ISBN: 3642100848 3540927506 9786612038259 1282038257 3540927514 9783540927518 Year: 2009 Publisher: Berlin ; Heidelberg : Springer-Verlag,

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This book studies the strategic policy interactions in a monetary union. The leading protagonists are the European Central Bank and national governments. The target of the ECB is low inflation in Europe. The targets of a national government are low unemployment and a low structural deficit. There are demand shocks, supply shocks, and mixed shocks. There are country-specific shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples. .

Keywords

Monetary policy -- European Union countries. --- Monetary policy. --- Monetary unions -- European Union countries. --- Monetary unions. --- International Finance --- Money --- Finance --- Business & Economics --- Monetary unions --- -Monetary policy --- -Deficit financing --- -332.4566094 --- Compensatory spending --- Deficit spending --- Financing, Deficit --- Budget deficits --- Debts, Public --- Finance, Public --- Full employment policies --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Electronic information resources --- European Central Bank --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- Európska centrálna banka --- Electronic information resources. --- E-books --- Monetary policy --- Macroeconomics. --- International economics. --- Economic policy. --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economic Policy. --- International Economics. --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- International relations --- Economic sanctions --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy

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