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Central Banks Contributions In Managing The Pandemic Crisis. A Summary At The Eu Countries Level

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  • CRISTE, Adina

    (“Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy, Bucharest.)

Abstract

The concerns of macroeconomic policymakers regarding the management of the COVID-19 crisis are reflected by the major, unbending, and brisk interventions they have had, including monetary authorities. The present paper aims at identifying central banks’ contributions in managing the pandemic crisis. The approach is based on a comparative analysis at the level of some central banks in the European Union, regarding the measures adopted and the instruments used since the outbreak of the crisis. The results reveal that the central bank’s policy stance has switched from an accommodative and preventive one, for strengthen the resilience of the financial sector, to an active and dynamic one, centred on maintaining the financial intermediation. Central bank activism is expected to intensify in the near future, especially through "unconventional" monetary policy, given the rise in inflationary pressures worldwide.

Suggested Citation

  • CRISTE, Adina, 2022. "Central Banks Contributions In Managing The Pandemic Crisis. A Summary At The Eu Countries Level," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 26(3), pages 76-93, September.
    • Handle: RePEc:vls:finstu:v:26:y:2022:i:3:p:76-93
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    References listed on IDEAS

    as
    1. Adina Criste & Iulia Lupu, 2021. "An Overview of Macroprudential Policy in the European Union Countries in the Last Decade," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 76-81, August.
    2. Catherine Casanova & Bryan Hardy & Mert Onen, 2021. "Covid-19 policy measures to support bank lending," BIS Quarterly Review, Bank for International Settlements, September.
    3. Adina Criste, 2014. "Monetary Policy Adjustment at the Global Financial Crisis Constraints," Hyperion Economic Journal, Faculty of Economic Sciences, Hyperion University of Bucharest, Romania, vol. 2(4), pages 3-11, December.
    4. Efraim Benmelech & Nitzan Tzur-Ilan, 2020. "The Determinants of Fiscal and Monetary Policies During the Covid-19 Crisis," NBER Working Papers 27461, National Bureau of Economic Research, Inc.
    5. Patricia C. Mosser, 2020. "Central bank responses to COVID-19," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 55(4), pages 191-201, October.
    6. Morelli, Pierluigi & Seghezza, Elena, 2021. "Why was the ECB’s reaction to Covid-19 crisis faster than after the 2008 financial crash?," Journal of Policy Modeling, Elsevier, vol. 43(1), pages 1-14.
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    More about this item

    Keywords

    monetary policy; macroprudential instruments; COVID-19 crisis; European central banks;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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