University of Twente Student Theses
The European Central Bank in between economic and monetary policy : is the independence of the European Central Bank threatened by its unconventional policies during the financial crisis?
Havryshchuk, Elena (2016) The European Central Bank in between economic and monetary policy : is the independence of the European Central Bank threatened by its unconventional policies during the financial crisis?
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| Abstract: | By now, many scholars are examining the development of the European financial crisis. Surely, it is important to determine its origins, but in addition to that, it is also necessary to concentrate on the actors within the crisis. The empirical research conducted in the following bachelor thesis serves as a description of the institutional engineering of the European Central Bank, as one of the influential actors within the Eurozone. Due to its huge importance and accountability in the enduring European financial crisis, the features of the institution, but also its independence as an actor should be analysed in the following paper in detail. By using qualitative data and document reviews for the single case study of the ECB, the main research question should therefore reveal, whether the European Central Banks independence is threatened by one of the unconventional policies which are executed during the European financial and the European debt crisis, and therefore check whether the European Central Bank is negotiating within its competences. By executing a detailed analysis of the Treaty of the Functioning of the European Union, the study has shown that the three analysed programmes, namely the SMP, the OMT and the QE are all within the competences of the European Central Bank which is also supported by the decision of the European Court of Justice from the 21. June 2016, dealing with the complaint of the Federal Constitutional Court of Germany. Even thought, the analysis also illustrated that partly the programmes above can be seen as threats to its independence, which is essential for its functioning as a Central Bank. |
| Item Type: | Essay (Bachelor) |
| Faculty: | BMS: Behavioural, Management and Social Sciences |
| Subject: | 83 economics |
| Programme: | Management Society and Technology BSc (56654) |
| Link to this item: | https://purl.utwente.nl/essays/70492 |
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