Chuyên Đề The Monetary Policy of the ECB

The Monetary Policy of the ECB
CHÍNH SÁCH TIỀN TỆ CỦA NGÂN HÀNG TRUNG ƯƠNG CHÂU ÂU
Năm - 2011


CONTENTS
FOREWORD 7
INTRODUCTION 9
CHAPTER 1
The institutional framework of the single monetary policy 13
CHAPTER 2
The economic and financial structure of the euro area 29
2.1 Key characteristics of the real economy 29
2.2 Labour market 29
2.3 Government sector 32
2.4 External trade 37
2.5 Financial structure 39
2.6 Financial markets 43
2.7 Financial intermediaries 48
2.8 Economic diversity 52
CHAPTER 3
The ECB’s monetary policy strategy 55
3.1 The role of monetary policy and the benefits of price stability 55
3.2 The transmission mechanism of monetary policy 58
3.3 The ECB’s monetary policy strategy – general principles
and main elements 62
3.4 The ECB’s quantitative definition of price stability 64
3.5 The analysis of risks to price stability in the ECB’s monetary
policy strategy 69
3.6 Monetary policy, financial stability and asset prices 83
3.7 Transparency and communication 86
3.8 The ECB’s monetary policy strategy – a guidepost
in the financial crisis 90
CHAPTER 4
Monetary policy implementation 93
4.1 Objectives and general principles behind the design
of the operational framework 93
4.2 Overview of the Eurosystem’s operational framework 96
4.3 Minimum reserves 101
4.4 Open market operations 104
4.5 Standing facilities 108
4.6 Central bank liquidity and liquidity needs of the banking system 111
4.7 Experience since January 1999 115


CHAPTER 5
The conduct of monetary policy since 1999 117
5.1 Introduction 117
5.2 Main developments 118
5.3 An assessment of monetary policy since the introduction
of the euro in 1999 129
ANNEX
History – The three stages of Economic and Monetary Union 131
GLOSSARY 135
BIBLIOGRAPHY 151
INDEX 157
BOXES
1.1 Key provisions from the Treaties and the Statute of the ESCB 21
2.1 EU institutional arrangements for sound and sustainable public
finances 35
2.2 Financial markets – key terms 42
2.3 Monetary aggregates 50
3.1 Construction and features of the Harmonised Index of Consumer
Prices 65
3.2 The medium-term orientation of the ECB’s monetary policy 68
3.3 Alternative monetary policy strategies 70
3.4 Statistics relating to developments in the euro area 72
3.5 Extracting information from financial market prices 74
3.6 Money and prices in the long run 78
3.7 Tools for monetary analysis 81
3.8 Key communication channels used by the ECB 89
4.1 Counterparties and collateral 96
4.2 Changes to the maturity of the main refinancing operations
and the reserve maintenance period as of March 2004 103
4.3 Types of open market transaction 107
5.1 The Eurosystem’s non-standard measures since August 2007 126
TABLES
2.1 Key characteristics of the euro area real economy in 2009 30
2.2 Labour force participation rates by gender and age group in the
euro area and the United States in 2009 32
2.3 External trade in goods of the euro area in 2009 37
2.4 Trade weights of the euro area’s 20 main trading partners 38
2.5 Main financial assets and liabilities of non-financial sectors in the
euro area at the end of 2009 40
2.6 Amounts outstanding of euro-denominated short-term debt
securities issued by euro area residents 45
2.7 Amounts outstanding of euro-denominated long-term debt securities
issued by euro area residents 45
2.8 Amounts outstanding of debt securities denominated in national
currency issued by residents in the euro area, the United States
and Japan at the end of 2009 46
2.9 Stock market capitalisation in the euro area, the United States
and Japan 47
2.10 Number of domestic and foreign companies listed on stock markets
in the euro area, the United States and Japan 47
2.11 Number of euro area monetary financial institutions 48
2.12 Definitions of euro area monetary aggregates 50
2.13 Bank deposits and loans in the euro area, the United States
and Japan at the end of 2009 52
3.1 Weights of the main euro area HICP components applicable
for 2010 65
4.1 Eurosystem monetary policy operations 95
4.2 Credit institutions’ liabilities included in the reserve base 102
4.3 Central bank balance sheet structure 112
4.4 Contributions to the banking system’s liquidity 113


CHARTS
1.1 The decision-making bodies of the ECB 18
1.2 Three-group rotation system for the Governing Council
of the ECB with 27 countries in the euro area 20
2.1 Unemployment in the euro area, the United States and Japan 31
2.2 General government deficit and debt in the Euro 12 37
2.3 Functions of financial systems 39
2.4 Composition of the consolidated balance sheet of the euro area
MFIs (including the Eurosystem) at the end of 2009 49
2.5 Percentage shares of components of M3 at the end of 2009 51
2.6 Dispersion of annual inflation across euro area countries
and the United States 53
2.7 Dispersion of real GDP growth across euro area countries
and the United States 54
3.1 A stylised illustration of the transmission mechanism from interest
rates to prices 59
3.2 Frequency decomposition of M3 and the Harmonised Index of
Consumer Prices 79
3.3 The stability-oriented monetary policy strategy of the ECB 83
3.4 Inflation expectations in the euro area 91
4.1 Breakdown of assets submitted as collateral 98
4.2 Key ECB interest rates and the EONIA since 1999 100
4.3 The functioning of the Eurosystem’s reserve requirement system 104
4.4 Recourse to standing facilities 109
4.5 Recourse to standing facilities within a maintenance period 110
4.6 Volume of main and longer-term refinancing operations 114
4.7 Required reserves and autonomous liquidity factors 114
5.1 ECB key interest rates in the six phases 117
5.2 HICP Inflation 119
5.3 Nominal effective exchange rate of the euro and oil prices 119
5.4 M1 and loans to private sector 120
5.5 M3 growth 120
5.6 Real GDP, industrial production and industrial confidence
for the euro area 121
5.7 Indicators of long-term inflation expectations in the euro area 122
5.8 Spread between the three-month EURIBOR and the overnight
indexed swap rate 126
5.9 Spreads of the ten-year government bonds of selected euro area
countries against the German Bund