THE EFFICIENCY OF THE MONETARY POLICY INSTRUMENTS OF THE EUROPEAN CENTRAL BANK IN LIQUIDITY REGULATING IN THE EURO AREA

Ilona Pietryka

Equilibrium. Quarterly Journal of Economics and Economic Policy, 2010, vol. 5, issue 2, 195-208

Abstract: The Mechanism of forming of the liquidity level of national central banks participating in ESCB is clear. It is based on centralized and decentralized operations. The ECB decides on the direction of the monetary policy, and the national central banks implement the monetary policy taking into account those guidelines as well as the conditions of their country. The aim of the paper is to estimate the efficiency of the EBC monetary policy in regulating the liquidity of the banking system in the Euro area. The aim was achieved by characterizing the organizational and balance relationship banks of the Eurosystem because of this regulation. Special emphasis was placed on monetary policy instruments, which are created by the national central banks. The banks also form the liquidity of the Euro area.

Keywords: Euro area; banking system liquidity (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pes:ierequ:v:5:y:2010:i:2:p:195-208

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