WHAT MONETARY POLICY CAN DO: THE CLARIFIED APPROACH OF THE ECB

Dietrich Schönwitz

Economic Affairs, 2004, vol. 24, issue 3, 64-68

Abstract: In the confirmed and clarified monetary strategy of the ECB, money still plays a prominent role. Regarding inflation as a monetary phenomenon and concentrating on price stability the ECB rejects an activist monetary policy. However, public and open discussion may contribute to further improvement of transparency and predictability of the ECB's operations.

Date: 2004
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