The ECB’s Unconventional Monetary Policy

Horst Tomann
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Horst Tomann: Freie Universitaet (FU) Berlin

Chapter 7 in Monetary Integration in Europe, 2017, pp 135-150 from Palgrave Macmillan

Abstract: Abstract Chapter 7 begins by briefly describing the emergence of the financial crisis in Europe, highlighting the typical patterns. Then, the ECB’s non-standard monetary policy measures in response to the financial crisis and the sovereign debt crisis are reviewed with a special focus on asset purchase programmes. The ECB, in implementing unconventional monetary policy measures, was confronted with specific problems which can be traced back to shortcomings in the basic relationship between (European) monetary policy and (national) fiscal policies in the European monetary union. Against this background, the chapter assesses the ECB’s unconventional monetary policy based on the concept of ‘stock-flow consistency’ in monetary economics and discusses different options for resolving these deficiencies.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:pal:stuchp:978-3-319-59247-3_7

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DOI: 10.1007/978-3-319-59247-3_7

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