The efficiency of monetary policy instruments of the European Central Bank in liquidity regulating in euro area

Authors

DOI:

https://doi.org/10.12775/EQUIL.2010.035

Keywords:

euro area, banking system liquidity

Abstract

Mechanism of forming of 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 monetary policy, and the national central banks implement 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 euro area. The aim was achieved by characterizing the organizational and balance relationship banks of the Eurosystem because of this regulation. Special accent was placed on monetary policy instruments, which are created by national central banks and they form liquidity of the euro area.

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References

ECB, Monthly Bulletin, individual months of the period 1999?2009.
ECB (2002), The liquidity management of the ECB [in:] Monthly Bulletin, May 2002.
Knakiewicz Z., Paluszak G. (2008), Mechanizm regulowania płynności w Eurosystemie, [in:] Knakiewicz Z. (ed.), Współczesny pieniądz w teorii i praktyce, Wydawnictwo Akademii Ekonomicznej w Poznaniu, Poznań 2008.
Mazur D. M., Mazur M. J. (2007), Europejski Bank Centralny a rozszerzenie Unii Europejskiej, FOSZE, Rzeszów.
NBP (2002), Biuletyn Informacyjny 3/2002, Warsaw.
Paluszak G. (2008), Znaczenie niemieckiego system bankowego dla regulowania płynności Eurosystemu w latach 1999-2006. Wnioski dla polskiego system bankowego, [in:] Janc A. (ed.), Problemy polskiego system bankowego, Wydawnictwo Akademii Ekonomicznej w Poznaniu, Poznań 2008.

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Published

31-12-2010

Issue

Section

Varia

How to Cite

Pietryka, I. (2010). The efficiency of monetary policy instruments of the European Central Bank in liquidity regulating in euro area. Equilibrium. Quarterly Journal of Economics and Economic Policy, 5(2), 195-208. https://doi.org/10.12775/EQUIL.2010.035

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