Crises have shaped the European Central Bank

Nout Wellink

Journal of International Money and Finance, 2023, vol. 138, issue C

Abstract: Europe embarked on the Economic and Monetary Union 25 years ago without sufficiently safeguarding some of the essential conditions that must be met to run a monetary union smoothly. The consequences of this omission came to light during the many and unprecedented crises that have shaped the European Central Bank. This article analyses and critically discusses the changing interpretation of the objective of price stability and the use of non-conventional policy instruments to realize this objective. Furthermore, the author analyses the problems with the monetary transmission within the eurozone and the framework for financial stability and supervision.

Keywords: Conventional and unconventional monetary policy; Economic and Monetary Union; European Central Bank; Bank supervision; Financial stability (search for similar items in EconPapers)
JEL-codes: E43 E44 E58 G15 (search for similar items in EconPapers)
Date: 2023
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jimfin:v:138:y:2023:i:c:s0261560623001249

DOI: 10.1016/j.jimonfin.2023.102923

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