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The Experience in Using the Non-Traditional Monetary Policy by the European Central Bank
Shuba O. А.

Shuba, Olena А. (2020) “The Experience in Using the Non-Traditional Monetary Policy by the European Central Bank.” Business Inform 8:20–25.
https://doi.org/10.32983/2222-4459-2020-8-20-25

Section: Foreign Experience

Article is written in Ukrainian
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UDC 339.7

Abstract:
The article is aimed at studying the experience of using the non-traditional monetary policy by the European Central Bank. The standard instruments of monetary policy of the European Central Bank are provided: open market transactions, permanent operating mechanisms, and minimal redundancy on the accounts of central banks. The relationship between the accounting rate and the level of inflation in the Eurozone is determined by means of correlation analysis. The correlation ratio is 0.71, indicating the impact of the accounting rate on the level of inflation, albeit with a certain time lag. The impact of the long-term interest rates on government bonds on the rate of GDP growth in the Eurozone countries is considered. A calculation of the pair correlation ratio between these indicators showed that the correlation ratio is 0.00468, i.e., interest rates on government long-term bonds in the Eurozone do not affect the change in GDP growth. It is determined that during the last global financial crisis there was a need to use new, or non-traditional, methods of monetary policy regulation. These include the following: measures of quantitative easing; measures of credit weakening; measures of public debt management policy; exchange rate policy measures; bank reserves policy measures, monetary policy measures. It is determined that the European Central Bank is currently examining all possible monetary policy instruments in order to mitigate the impact of the coronavirus on the economy, but nowadays the single monetary policy in the Eurozone, may this also be non-traditional, does not allow to align existing imbalances.

Keywords: monetary policy, European Central Bank, accounting rate, non-traditional monetary policy instruments.

Fig.: 3. Bibl.: 19.

Shuba Olena А. – Candidate of Sciences (Geography), Associate Professor, Associate Professor, Department of International Economics and World Economy, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]

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