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2014, vol. 11, iss. 1, pp. 16-24
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Monetary and foreign currency policy of the European Central Bank
Monetarna i devizna politika Evropske Centralne Banke
aBusiness School of Applied Studies Blace, Blace bUniversity Singidunum, Faculty of Business Economics, Belgrade
email: v.mladenovic@vpsk.edu.rs
Abstract
The paper analyzes how successful the ECB has been in pursuing its monetary and foreign exchange policy, which is, at the same time, a complex issue and crucial for the justification of its existence. Firstly, the ECB is trying hard to keep up with the global crisis and to maintain the stability of the euro. The main task of the ECB is to keep inflation below 2% p.a. This paper demonstrates that the ECB has managed to retain inflation within the required limits for a significant period of time, except for few relatively short-lived exceptions. By managing an adequate monetary policy the ECB has successfully accomplished its goals in the period of reference, as demonstrated by inflation trend results, monetary aggregate M3, and the level of interest rates.
Sažetak
Ovaj rad se bavi analizom uspešnosti Evropske centralne banke u sprovođenju svoje monetarne i devizne politike, što je, istovremeno, jedan kompleksan zadatak, od vitalnog značaja za opravdanost njenog postojanja. ECB, najpre, ulaže velike napore da ide u korak sa svetskom krizom i da očuva stabilnost evra. Osnovni zadatak Evropske centralne banke jeste da inflaciju zadrži ispod 2%, na godišnjem nivou. Ovaj rad pokazuje da je ECB uspela da održi inflaciju u traženim okvirima, tokom značajnog vremenskog perioda, sa nekoliko kratkotrajnih izuzetaka. Uspostavljanjem adekvatne monetarne politike, ECB je uspešno ostvarila svoje ciljeve, u referentnom periodu, što je pokazano kroz rezultate trenda inflacije, monetarni agregat M3, kao i nivo kamatnih stopa.
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