The Organization and Functioning of the European Central Bank – One of the Major Flaws of the Eurosystem
Keywords:
European Central Bank, Eurosystem, monetary policy, inflation rate, financial crisis.Abstract
The European Central Bank is not focused only on the monetary policy; it is a full-fledged central bank, with a whole spectrum of activities, functions and interests. However, the current institutional configuration of ensuring financial stability is largely a national issue. The national payment systems are still in force and the national central banks have kept most of their national prerogatives (except for the management of the monetary policy). Thus, the question is whether the Eurosystem can be effective in managing a crisis. The global crisis that emerged at the end of year 2007 showed the fact that it is not as effective as one hoped.
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