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Monetary Policy of ECB as a Factor of Financial Strength of the EU

Student: Maisheva Anna

Supervisor: Elena Ostrovskaya

Faculty: Faculty of World Economy and International Affairs

Educational Programme: World Economy (Bachelor)

Final Grade: 10

Year of Graduation: 2017

Under the conditions of instability of world markets implementation of an effective monetary policy has become very important to ensure financial strength of nations. This paper examines the monetary policy of European Central Bank in the post-crisis period. In the first chapter, the theoretical foundations of monetary policy in the views of various economic schools are described. Besides, there is justification of reliance on a new Keynesian school in the ongoing study. The second chapter analyzes the standard and non-standard instruments of monetary policy pursued by the ECB in the post-crisis period. Moreover, there is examination of influence of monetary policy instruments on inflation level by means of regression analysis. In the third chapter, the impact of the ECB monetary policy on different countries of the European Union is assessed. The analysis shows that ECB monetary policy instruments allow to regulate liquidity in the market, but are not effective for stimulating lending and economic growth in European Union. Key words: monetary policy, the European Central Bank, standard monetary policy instruments, non-standard monetary policy instruments.

Full text (added May 11, 2017)

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