Nestandardní měnová politika Evropské centrální banky
Non-standard monetary policy of the European Central Bank

Author(s): Oldřich Dědek
Subject(s): Financial Markets, Public Finances
Published by: AMO – Asociace pro mezinárodní otázky
Summary/Abstract: The professionalism and prestige of central banks is formed not only in normal times when performing routine tasks of monetary policy, but also, and perhaps above all, when handling extraordinary events with extraordinary means. Therefore, we cannot leave aside the behavior of the European Central Bank (ECB) with its unconventional, unorthodox or, according to the terminology of the ECB itself, non-standard procedures that were deployed against the crisis. The exceptional period of the crisis years caused the monetary policy of the ECB to go beyond the usual terrain in which it operated, and face head-on problems for which standard solutions were not prepared. Compared to other central banks, the years of crisis were doubly difficult for the ECB, because in addition to the financial and economic eurozone, an unprecedented debt crisis also plagued it.

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