CENTRAL BANKS CONTRIBUTIONS IN MANAGING THE PANDEMIC CRISIS. A SUMMARY AT THE EU COUNTRIES LEVEL

Adina Criste

Studii Financiare (Financial Studies), 2022, vol. 26, issue 3, 76-93

Abstract: The concerns of macroeconomic policymakers regarding the management of the COVID-19 crisis are reflected by the major, unbending, and brisk interventions they have had, including monetary authorities. The present paper aims at identifying central banks’ contributions in managing the pandemic crisis. The approach is based on a comparative analysis at the level of some central banks in the European Union, regarding the measures adopted and the instruments used since the outbreak of the crisis. The results reveal that the central bank’s policy stance has switched from an accommodative and preventive one, for strengthen the resilience of the financial sector, to an active and dynamic one, centred on maintaining the financial intermediation. Central bank activism is expected to intensify in the near future, especially through "unconventional" monetary policy, given the rise in inflationary pressures worldwide.

Keywords: monetary policy; macroprudential instruments; COVID-19 crisis; European central banks (search for similar items in EconPapers)
JEL-codes: E52 E58 F45 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vls:finstu:v:26:y:2022:i:3:p:76-93

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