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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.
Monetary policy --- Euro. --- Money --- European Central Bank. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- EZB --- Európska centrálna banka
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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.
Euro. --- Monetary policy --- European Central Bank. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- Európska centrálna banka --- Money --- EZB --- ECONOMICS/Finance
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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.
Banks and banking, Central --- Monetary policy --- European Central Bank. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- Európska centrálna banka --- EZB --- ECONOMICS/Finance --- ECONOMICS/Political Economy
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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.
Professional ethics. Deontology --- Macroeconomics --- Financial organisation --- Business management --- management --- deontologie --- macro-economie --- sociale interventies --- bedrijfsethiek --- European Central Bank. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- EZB --- Európska centrálna banka --- Finance --- Sustainable development --- Development, Sustainable --- Ecologically sustainable development --- Economic development, Sustainable --- Economic sustainability --- ESD (Ecologically sustainable development) --- Smart growth --- Sustainable economic development --- Economic development --- Environmental aspects
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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.
European Central Bank. --- -Euro area --- 339.53094 --- Geldpolitik. --- Euro (W ahrung) --- Economic Conditions. --- Europ aische Zentralbank. --- Monetary policy --- Euro area. --- Euro area --- Euro zone --- Monetary unions --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- Európska centrálna banka --- Eurozone --- E-books --- 334.151.1 --- 334.151.21 --- 334.151.25 --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- EG : economisch en monetair beleid --- Europese centrale bank. ESCB. Centrale banken --- Rekeneenheid, gemeenschappelijke munt van de Europese Gemeenschappen. ECU. Euro --- Eurozone. --- EZB --- BUSINESS & ECONOMICS --- POLITICAL SCIENCE --- Geldpolitik --- Economics&delete& --- Macroeconomics --- Economic Conditions
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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.
Banks and banking, Central --- Monetary policy --- Euro. --- European Central Bank. --- European Union countries --- Economic conditions. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- Európska centrálna banka --- Banks and banking, Central -- European Union countries. --- Monetary policy -- European Union countries. --- Political science. --- Macroeconomics. --- European Economic Community literature. --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- European Integration. --- Political Science. --- Money --- European Economic Community lite. --- Administration --- Civil government --- Commonwealth, The --- Government --- Political theory --- Political thought --- Politics --- Science, Political --- Social sciences --- State, The --- Economics --- Eurozone --- Euro area --- Euro zone --- Monetary unions --- EZB --- E-books
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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.
Monetary policy --- European Central Bank. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- EZB --- Európska centrálna banka --- Banks and banking, Central --- Interest rates --- Eminent domain --- Compulsory purchase (Eminent domain) --- Condemnation of land --- Domain, Eminent --- Expropriation --- Land, Condemnation of --- Takings (Eminent domain) --- Land use --- Right of property --- Angary, Right of --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Law and legislation --- E-books
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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.
Public finance --- Private finance --- European law --- banken --- Europees recht --- overheidsfinanciën --- bankwezen --- Banks and banking, Central --- Banks and banking --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Law and legislation --- European Central Bank. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- EZB --- Európska centrálna banka --- Banks and banking. --- Public finance. --- Law—Europe. --- Banking. --- Financial Law/Fiscal Law. --- European Law. --- Cameralistics --- Public finances --- Currency question --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money
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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.
Finance. --- Macroeconomics. --- Capital market. --- Financial services industry. --- Financial Economics. --- Macroeconomics and Monetary Economics. --- Capital Markets. --- Financial Services. --- Economics --- Services, Financial --- Service industries --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Funding --- Funds --- Currency question --- Banks and banking. --- Sustainable development. --- European Central Bank. --- Development, Sustainable --- Ecologically sustainable development --- Economic development, Sustainable --- Economic sustainability --- ESD (Ecologically sustainable development) --- Smart growth --- Sustainable development --- Sustainable economic development --- Economic development --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Money --- Environmental aspects --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- EZB --- Európska centrálna banka
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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. .
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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