Las crisis trastocan el inmovilismo y ortodoxia del Banco Central Europeo
Cargando...
Fecha
2016-04-30
Autores
Título de la revista
ISSN de la revista
Título del volumen
Editor
Universidad de Deusto = Deustuko Unibertsitatea, Instituto de Estudios Europeos
Resumen
Las crisis financiera y económica han desembocado en una grave crisis de las finanzas públicas. Esta sucesión de crisis ha puesto a prueba la capacidad de la política monetaria para responder a las mismas. El Banco Central Europeo ha sacralizado más que ningún otro gran banco central la estabilidad de los precios erigida en la razón de ser primera de su independencia. Solo se ha decidido a actuar como prestamista de último recurso, apelando a medidas no convencionales de política monetaria, cuando ha percibido que la zona euro amenazaba con adentrarse en una nueva recesión, que los riesgos de deflación eran crecientes y que estos factores, unidos a la crisis griega, amenazaban la propia supervivencia del euro. Sin embargo, al actuar en estado de soledad, la política monetaria europea no podrá resolver los problemas de crecimiento de la zona euro.
Both, financial and economic turmoil have ended up in a serious crisis of public finances. This succession of crises has challenged ability from monetary policy to face them. European Central Bank has sacralised price stability as the core of its independence. It only decided to stand-up as lender of last resort through the implementation of non conventional monetary policies when it perceived that the mixture of Eurozone entering into a new recession alongside rising deflation risks and Greek crisis were menacing Euro currency survival. However, provided it is acting in loneliness, monetary policy will not be able to solve lack of structural growth prospects in the Eurozone.
Both, financial and economic turmoil have ended up in a serious crisis of public finances. This succession of crises has challenged ability from monetary policy to face them. European Central Bank has sacralised price stability as the core of its independence. It only decided to stand-up as lender of last resort through the implementation of non conventional monetary policies when it perceived that the mixture of Eurozone entering into a new recession alongside rising deflation risks and Greek crisis were menacing Euro currency survival. However, provided it is acting in loneliness, monetary policy will not be able to solve lack of structural growth prospects in the Eurozone.
Palabras clave
Crisis
Euro
Política monetaria
Independencia
Deuda
Monetary policy
Independence
Debt
Euro
Política monetaria
Independencia
Deuda
Monetary policy
Independence
Debt
Descripción
Materias
Cita
Rodríguez Ortiz, F. (2016). Las crisis trastocan el inmovilismo y ortodoxia del Banco Central Europeo. Cuadernos europeos de Deusto, 54, 155-178. https://doi.org/10.18543/CED-54-2016PP155-178