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Unconventional Monetary Policies Adopted During The Pandemic Crisis: The European Central Bank’S Response

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  • Dorina Clichici

Abstract

The global pandemic event that took place in 2020 had major negative repercussions on the economies of the world. Aiming to stabilize financial markets and cushion the contraction of the real economy, the central banks’ response was swift and unprecedented. They initiated a series of nonconventional monetary measures, aimed at ensuring favourable financing conditions, providing liquidity and new credit facilities to the financial system, ensuring the smooth functioning of the financial market and providing liquidity in foreign exchange. The purpose of the article is to analyse the particularities of the use of unconventional instruments by developed and emerging economies during the pandemic. Also, considering the major role of the ECB for the financial system of the euro area, of the European Union, but also for the world financial system, our article analyses the set of instruments used by the European monetary authority in the context of the pandemic event.

Suggested Citation

  • Dorina Clichici, 2023. "Unconventional Monetary Policies Adopted During The Pandemic Crisis: The European Central Bank’S Response," Euroinfo, Institute for World Economy, Romanian Academy, vol. 7(1), pages 97-109, March.
    • Handle: RePEc:iem:eurinf:v:7:y:2023:i:1:p:97-109
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    File URL: https://www.iem.ro/rem/index.php/euroinfo/article/view/859/942
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    More about this item

    Keywords

    pandemic crisis; central banks; unconventional policies; European Central Bank;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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