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The European Central Bank in the age of banking union

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  • Zsolt Darvas
  • Silvia Merler

Abstract

During the crisis the European Central Bank’s roles have been greatly extended beyond its price stability mandate. In addition to the primary objective of price stability and the secondary objective of supporting EU economic policies, we identify ten new tasks related to monetary policy and financial stability. We argue that there are three main constraints on monetary policy- fiscal dominance, financial repercussions and regional divergences. By assessing the ECB’s tasks...

Suggested Citation

  • Zsolt Darvas & Silvia Merler, 2013. "The European Central Bank in the age of banking union," Policy Contributions 796, Bruegel.
    • Handle: RePEc:bre:polcon:796
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    Citations

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    Cited by:

    1. Daniele Schiliro, 2014. "Changes in Eurozone Governance after the Crisis and the Issue of Growth," International Journal of Social Science Studies, Redfame publishing, vol. 2(2), pages 110-119, April.
    2. Andrei HREBENCIUC, 2017. "Banking Union framework and the stability of the European Banking sector," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(1(610), S), pages 291-298, Spring.
    3. repec:hal:spmain:info:hdl:2441/144pedpca18ff8v7fh3tvnp99m is not listed on IDEAS
    4. Beblav�, Miroslav & Maselli, Ilaria & Veselkova, Marcela, 2014. "Let�s get to Work! The Future of Labour in Europe," CEPS Papers 9486, Centre for European Policy Studies.
    5. Maylis Avaro & Henri Sterdyniak, 2014. "Banking union: a solution to the euro zone crisis?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 193-241.
    6. Carlos Rodríguez & Carlos A. Carrasco, 2016. "ECB Policy Responses between 2007 and 2014: A Chronological Analysis and an Assessment of Their Effects," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(4), pages 455-473, September.
    7. Ida-Maria Weirsøe Fallesen, 2015. "The Challenges of the EU Banking Union - will it succeed in dealing with the next financial crisis?," Bruges European Economic Policy Briefings 36, European Economic Studies Department, College of Europe.
    8. repec:spo:wpmain:info:hdl:2441/f6h8764enu2lskk9p4srjesb4 is not listed on IDEAS
    9. repec:hal:spmain:info:hdl:2441/f6h8764enu2lskk9p4srjesb4 is not listed on IDEAS
    10. repec:spo:wpmain:info:hdl:2441/144pedpca18ff8v7fh3tvnp99m is not listed on IDEAS
    11. Darvas, Zsolt & Schoenmaker, Dirk & Véron, Nicolas, 2016. "Reforms to the European Union Financial Supervisory and Regulatory Architecture and Their Implications for Asia," ADBI Working Papers 615, Asian Development Bank Institute.
    12. Andrei HREBENCIUC, 2017. "Banking Union framework and the stability of the European Banking sector," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(1(610), S), pages 291-298, Spring.
    13. Gerba, Eddie & Macchiarelli, Corrado, 2016. "Interaction between monetary policy and bank regulation: theory and European practice," LSE Research Online Documents on Economics 68344, London School of Economics and Political Science, LSE Library.

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