Reforming the European Monetary Policy, a Necessary Action?

DragoÈ™ Mihai Ungureanu () and Elena-Doina Dascalu ()
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DragoÈ™ Mihai Ungureanu: piru Haret University, Faculty of Economic Sciences, 46 G Fabricii Str., District 6 Bucharest, Romania, Tel: 021 3169785
Elena-Doina Dascalu: piru Haret University, Faculty of Economic Sciences, 46 G Fabricii Str., District 6 Bucharest, Romania, Tel: 021 3169785

International Conference on Economic Sciences and Business Administration, 2016, vol. 3, issue 1, 226-236

Abstract: It is important that central banks are held accountable for their performance since money is the central nervous system in a modern economy. The European Central Bank has contributed to the money disorder in the Eurozone by creating a huge asset bubble and current account imbalances before and during the financial crisis. There is a big and emerging debate in most parts of the developed world about changing the role for central banks and/or changing the rules used by central banks, but monetary policy in the Eurozone is obviously absent in that discussion. The paper aims to present and explain the need for the European monetary policy to be highly debated at the European level to recognize the vulnerabilities, and why not, reviewed where necessary in order for ECB to become a strong pillar for macroeconomic stability in the region.

Keywords: monetary policy; asset bubble; financial crisis; deflation. (search for similar items in EconPapers)
JEL-codes: E50 E52 E58 F45 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:icb:wpaper:v:3:y:2016:i:1:226-236

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