Earticle

초록

영어

Since 1999 the Europe has been incorporated into a single currency area, which is the second largest economic zone in the world after the United States. The euro is now the currency for 300 million people. After the establishment of European Monetary Union(EMU) in 1999 European Central Bank(ECB) has played crucial roles in stabillizing the euro. This study examined the structure of ECB’s monetary policy and evaluated the performance of ECB in last two years. The primary object of ECB’s monetary policy is to maintain the price stability in euro area. To achieve it ECB has two pillar strategy of monetary policy. The first pillar is money(M3) based on the monetary nature of inflation beyond the immediate horizon. In parallel, the second pillar ensures that other forms of analysis, such as the investigation of the interplay between supply and demand and cost-push dynamics, are also incorporated into the policy process.This study supports that the monetary policy of ECB was evaluated to be sucessful in economic growth and price stability in last two years even though HICP(Harmonized Index Consumer Price) was above the object level of 2% in 2000. The euro has proven to be a stable currency for Europe and the world economy. However, the system of ECB’s monetary policy should be implemented in two points. First, the authority of supervising the financial institutions must be assigned to ECB in order to cope with the increasing cross-border transactions. Second, it is essential to provide ECB with the role of the lender of last resort. It has a play role in lessening the economic and psychological uncertainty surrounding the euro area. The bank notes and coins of the euro will be introduced from the early in 2002. Since 2001 ECB has faced many challenges to support sustainable non-inflationary growth. The US economy slowdown and the surge of oil price has been the greatest risk factors for ECB. The German and France economies, which are the largest members in the euro area, have already experienced the decline in growth rate and the increase in price level. The ongoing current structural reforms, such as more flexibility in labor market and removing barriers to investment and encouraging efficient adoption of new technologies, remain essential in order to improve the functioning of market. And ECB should gain the trust of the public by improving the transparency of the determination of monetary policy and the market oriented policy.

목차

Ⅰ. 서 론
 Ⅱ. 유럽통화동맹의 설립과정과 ECB의 통화정책
  1. 유럽통화동맹의 설립과정
  2. ECB의 통화정책구조
 Ⅲ. ECB의 통화정책에 대한 평가
  1. EMU하의 실물경제동향
  2. ECB의 통화정책과정
 Ⅳ. ECB 통화정책의 과제 및 전망
 참고문헌
 Abstract

저자

• 박광수 [ Kwang-Soo Park | 동의대학교 금융재무학부 교수 ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한독사회과학논총 [Zeitschrift der Koreanisch-Deutschen Gesellschaft für Sozialwissenschaften]

• 간기

  계간

• pISSN

  1229-537X

• 수록기간

  1991~2026

• 등재여부

  KCI 등재

• 십진분류

  KDC 305 DDC 300