The role of the European Central Bank in tackling the economic crisis

Postgraduate Thesis uoadl:2863261 305 Read counter

Unit:
Κατεύθυνση Δίκαιο της Ευρωπαϊκής Ένωσης
Library of the School of Law
Deposit date:
2019-02-19
Year:
2019
Author:
KONSOULA AIMILIA
Supervisors info:
Εμμανουήλ Περάκης, Επίκουρος Καθηγητής στο Δίκαιο της Ευρωπαϊκής Ένωσης, Τομέας Διεθνών και Ευρωπαϊκών Σπουδών, ΕΚΠΑ
Original Title:
Ο ρόλος της Ευρωπαϊκής Κεντρικής Τράπεζας στην αντιμετώπιση της οικονομικής κρίσης
Languages:
Greek
Translated title:
The role of the European Central Bank in tackling the economic crisis
Summary:
This diploma thesis deals with a very timely and important issue that addresses the economic crisis, this global phenomenon, through the actions of a great historical and substantive institution of the European Union, such as the European Central Bank (E.C.B.).

The European Central Bank is one of the EU's institutions and its aim is to preserve price stability and the financial system. It is one of the world's largest banks established on 1 January 1998, after the Treaty of Amsterdam (October 2, 1997) to manage the single currency of the Eurozone Member States, the euro.
The International Financial Crisis, which is a reality in recent years, is a global economic downturn in the wider financial and banking sector. The EU and its mechanisms have been called upon to respond to the new demands of the time and to devise means of coping with the crisis by creating new rules and new guidelines. Concerning the policy of the NCT to address the financial crisis, although a conservative bank with a stated primary objective of price stability, has gone through a series of conventional and non-conventional measures.
In particular, the analysis in the first part of the study focuses on the key role of the ECB, which is the formulation of monetary policy, ensuring price stability and the financial system as it affected and influenced in the course of the crisis until today as well as its subsidiary role as a supervisory authority which has delegated it with additional powers to adapt the ongoing phenomenon.
Its supervisory authority and its sanctioning powers have established a crisis manager and legitimized it with powers beyond its statutory powers, which has led to corresponding case-law reactions.
In the second part of the study, these are developing beyond its legitimate powers, with the "wishes" of M. Draghi
(President of the ECB) and the well-known expression "Within the mandate the ECB would do whatever it takes to preserve the EU ...", where it actually moves within and beyond the limits of its competence that it actually considered it necessary to manage this the ever-evolving phenomenon of economic, if not political, crisis. Both the OMT, Outright Monetary Transactions and the QE, quantify the desperate effort of the NCT. to pull the European mechanism as quickly and painlessly as possible from the crisis.
However, the conclusion that we conclude is that the exceptions to the formal and legally regulated activity of the NCFG without affecting the unity of the system, have several imperfections and may require individual interventions and corrections. The objective of the institution is a gradual return to economic stability and a weight shift from the EU as a whole in each individual Member State as the mechanism's effort to promote a multi-speed integration into its Union without affecting the unity of the system seems impractical.
Main subject category:
Law and Legislation
Keywords:
ECB,European Economical Crisis,monetary policy formulation,ensuring price stability and financial system,subsidiary role of supervisory authority,contractual and non-contractual measures,exceptions to formal and legally regulated CCP activity
Index:
Yes
Number of index pages:
2
Contains images:
No
Number of references:
29
Number of pages:
70
File:
File access is restricted only to the intranet of UoA.

aimkonsoula thesis.pdf
972 KB
File access is restricted only to the intranet of UoA.