Aspects Regarding the Monetary Policy in The European Union's Countries

Irena Munteanu () and Amelia Petrică ()
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Irena Munteanu: “Ovidius†University of Constanta, Faculty of Economic Sciences, Romania
Amelia Petrică: “Ovidius†University of Constanta, Faculty of Economic Sciences, Romania

Ovidius University Annals, Economic Sciences Series, 2022, vol. XXII, issue 2, 933-942

Abstract: Monetary policy is a task of central banks. Until recently, each country had its own monetary policy. After the introduction of the single euro, monetary policy for the whole euro area is the ECB's responsibility. In non-euro EU countries, monetary policy is conducted by each national central bank. In EU countries, regardless of currency, the monetary policy instruments are: open market operations, standing facilities and minimum reserve requirements. These operations are based on the monetary policy interest rate, but also on the interest rate on the lending and deposit facility. The study analysed the corridor in which these rates are situated in the period 2017-2022 for the EU countries. It will be seen that there are situations where we have a symmetric corridor with respect to the base rate, but also countries or periods where the corridor is asymmetric. The analysis of interest rates is a topical subject, especially at a time when inflation is an international problem.

Keywords: monetary policy interest rate; banking system; spread (search for similar items in EconPapers)
JEL-codes: E50 G01 G20 G21 G24 G30 (search for similar items in EconPapers)
Date: 2022
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