The European Central Bank: monetary policy instruments, procedures, and decisions

Eladio Febrero

Chapter 6 in Central Banking and Monetary Policy Implementation, 2025, pp 119-146 from Edward Elgar Publishing

Abstract: In this chapter, we provide an account of the main instruments and procedures used by the ECB for the conduct of its monetary policy and a critical review of the decisions adopted since the Great Financial Crisis in 2008. Two main arguments are developed. Firstly, the ECB's monetary implementation can be understood following the main tenets of the post-Keynesian endogenous money view when it undertakes conventional monetary policy. And secondly, its sluggishness in responding to the sovereign and banking crisis in 2010–2012 can be understood by its rejection of influencing public finances in troubled countries. This orthodox standpoint changed during the Covid-19 crisis.

Keywords: European Central Bank; Monetary policy implementation; Inflation; Lender of last resort (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035302796
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