 From Independent Slovakian Central Bank Policy to the Monetary Policy of the Euro AreaLászló Nagy Public Finance Quarterly, 2016, vol. 61, issue 1, 49-64 Abstract: The study aims to uncover the factors promoting the introduction of the euro by presenting the unique features of independ-ent Slovakian monetary policy and the Slovakian banking system. It examines Slovakian central bank policy in historical context, dis-tinguishing between the period of independent monetary policy and the central bank policy period preceding the introduction of the euro. After outlining the successes and failures of Slovakian monetary policy, the study focuses on the impact of the European Central Bank’s monetary policy on real economy processes in Slovakia. It concludes that due to the abundance of liquidity of Slovakian banks arising from high deposit volume (which was maintained even after the crisis), the quantitative easing programme of the European Central Bank can only have a moderate impact on the Slovakian economy. Using the Slovakian economy as an example, it proves that accession to the currency union has failed to change the relative positions of regions (previously held in the national economy). Keywords: monetary policy; financial crisis; euro area; European Central Bank; National Bank of Slovakia (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pfq:journl:v:61:y:2016:i:1:p:49-64 Access Statistics for this article More articles in Public Finance Quarterly from Corvinus University of Budapest Contact information at EDIRC. |
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