Central Bank of Kosovo; Faculty of Economy – University of Prishtina
Central Bank of Kosovo, Faculty of Law-University of Prishtina
4th International Conference – ERAZ 2018 – KNOWLEDGE BASED SUSTAINABLE ECONOMIC DEVELOPMENT, Sofia- Bulgaria, June 7, 2018, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; Faculty of Business Studies, Mediterranean University – Podgorica, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia, ISBN 978-86-80194-12-7
The 2008 financial crisis hit the European financial system especially during 2010 and early 2011 where market confidence fell again The Eurozone knew the hardest time in the so-called debt crisis.
The ECB came up by presenting some technical measures. The question needs to be addressed is if the ECB monetary policy has been extremely accommodating in recent years and has been effectively accommodating to address the threat of deflation in the Eurozone?
Financial crisis, monetary policy, legal measures, European Central Bank, Eurosystem, Fed and BoE
- Both treaties known as Lisabon Treaty, which is the latest Treaty of the EU.
- European Central Bank, 2011. The MoneTary Policy of the ECB 2011. Frankfurt: https://www.ecb.europa.eu/pub/pdf/other/monetarypolicy2011en.pdf?806851948acaa66136356457a4641a6c.
- This is a formulation that is written in all Constitutions of the member states of EU as a garuantee of well functioning of the economies of each members.
- Official Journal of the European Union, 2012. Protocol (No 4)on the Statute of the European System of Central Banks and the European Central Bank. C 326/230 ed. Frankfurt: https://www.ecb.europa.eu/ecb/legal/pdf/c_32620121026en_protocol_4.pdf
- Cour-Thimann, Philippine; Winkler, Bernhard, 2013. The ECB’s non-standard monetary policy measures the role of institutional factors and financial structure. 1528 ed. page no.5 paragraph 1,2. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2239093&download=yes:
- Marcel Fratzscher DIW Berlin, Humboldt-University Berlin and CEPR, 2014. ECB Unconventional Monetary Policy Actions: Market Impact, international Spillovers and Transmission Channels. Washington DC: IMF https://www.imf.org/external/np/res/seminars/2014/arc/pdf/fratzscher_loluca_straub.pdf.
- Marcel Fratzscher DIW Berlin, Humboldt-University Berlin and CEPR, 2014; Unconventional Monetary Policy Actions: Market Impact, International Spillovers and Transmission Channels *. JEL Codes: E52, E58, F32, F34, G15. ed. Washington: IMF Paper presented at the 15th Jacques Polak Annual Research Conference page number 5,6 &7 . https://www.imf.org/external/np/res/seminars/2014/arc/pdf/fratzscher_loluca_straub.pdf.
- Gregory Claeys, Álvaro Leadro and allison Mandra, March 2015, 2015. ECB Quantitative Easing : The detailed Manual. na ed. Belgium: BruegelPolicy Contribution. https://bruegel.org/wp-content/uploads/imported/publications/pc_2015_02_110315.pdf.
- ECB Press Release, 2015. ECB announces expanded asset purchase programme. 1 ed. Frankfurt: https://www.ecb.europa.eu/press/pr/date/2015/html/pr150122_1.en.html.
- European Central Bank (ECB), 2018. Public sector purchase programme (PSPP) – Questions & answers . https://www.ecb.europa.eu/mopo/implement/omt/html/pspp-qa.en.html.
- The Taylor rule is a reduced measure for each one-percent increase in inflation, the central bank tends to raise the nominal interest rate by more than one percentage point. Taylor rule was proposed by John B. Taylor.
- Michael Joyce, David Miles, Andrew Scott and Dimitri Vayanos, 2012. QUANTITATIVE EASING AND UNCONVENTIONAL MONETARY POLICY – AN INTRODUCTION*. F271–F288; https://personal.lse.ac.uk/vayanos/Papers/QEUMCI_EJ12.pdf
- ECB Key Rate, https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html
- Swedbank, 2018. ECB Preview: all eyes and ears on the end date of the QE. Macro focus, Issue p. 1https:// research.swedbank.se/default.aspx?cdguid=00568478-14D7-46AF-B40C-5C2710BDAFA6
- Swedbank Macro Research, 2018. Market, https://research.swedbank.se/default.aspx?cdguid=846DE394-97F3-4800-A4F3-EC05811C7E4F, p. 1.
- Timothy Sharpe and Martin Watts, 2013. Unconventional Monetary Policy in the UK: A Modern Money Critique. 18, Part 2(Economic Issues, pp. 43-46. https://www.economicissues.org.uk/Files/2013/213Sharpe.pdf
- Angelos Delivorias European Parlament, February 2015. Monetary policy of the European Parlament., p. 3. https://www.europarl.europa.eu/EPRS/EPRS-IDA-549005-Monetary-policy-ECB-FINAL.pdf
- Magdalena RADULESCU, 2015. ECB’S MONETARY MEASURES DURING THE FINANCIAL CRISIS, p. 2 paragraph 2&3.https://economic.upit.ro/RePEc/pdf/2015_1_11.pdf,
- RaboResearch Global Economics & Markets mr.rabobank.com, June 2018. And the it happened; Is the Eurozone (economy) in trouble?. RaboResearch , Issue, https://mail.rabobank.nl/public/preview?zm3OvriPMfujO4SaGbpKBwdHhrFUglavpzLqY**ADBw_QEpGZBAy_6_tGlPKWDrq
- Reuters, 2018. How Italy’s mini-BOT ‘parallel currency’ would work. World news, Issue p. 1, https://www.financialexpress.com/world-news/how-italys-mini-bot-parallel-currency-would-work/1181377/
- Goldman Sachs -Asset Management, Investment Commentary June 2018 . Global Fixed Income Monthly -European Politics: Italy Update. s.l.:Goldman Sachs –Asset Management; https://www.gsam.com/content/gsam/us/en/advisors/market-insights/gsam-connect/2018/European_Politics_Italy_Update.html.