The European Central Bank: targets, strategies and behaviour

Giovanni Verga

No 2000-EP00, Economics Department Working Papers from Department of Economics, Parma University (Italy)

Abstract: This paper describes the monetary policy of the European Central Bank. The analysis, entirely based on an investigation of the Bank's own documents, suggests that the ECB's monetary policy strategy is rather complex, but consistent with the objectives of the Maastricht Treaty. The Bank allows itself some room for maneuver, and its decisions are based on signs from many variables (including money and exchange rates) and not only on its estimates of inflation. Although the primary objective is price stability, the ECB tries as far as possible not to neglect the real sector.

Pages: 54 pages
Date: 2000
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Published in Rivista Internazionale di Scienze Sociali, July-Sept. 1999, v.107, iss. 3, pp. 327-81

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Persistent link: https://EconPapers.repec.org/RePEc:par:dipeco:2000-ep00

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