Monetarna politika Evropske centralne banke v času pandemije covid-19

Fabjan, Igor

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Title:	Monetarna politika Evropske centralne banke v času pandemije covid-19
Authors:	ID Fabjan, Igor (Author) ID Markovič Hribernik, Tanja (Mentor) More about this mentor...
Files:	UN_Fabjan_Igor_2023.pdf (1,62 MB) MD5: 8E22A3A5A47F5D9131CC217F8719B776
Language:	Slovenian
Work type:	Bachelor thesis/paper
Typology:	2.11 - Undergraduate Thesis
Organization:	EPF - Faculty of Business and Economics
Abstract:	Pandemija covida-19 je bila zdravstvena kriza, ki je grozila, da se bo hitro spremenila še v gospodarsko krizo. Evropska centralna banka (ECB) se je na začetku krize v letu 2020 odzvala z ukrepi, ki so omogočili ohranitev likvidnosti bank in vzdrževanje nizke inflacijske stopnje. Trg dela je bil zaradi pretrganja nabavnih verig in restriktivnih zdravstvenih ukrepov moten ter so ga poskušale regulirati vlade prizadetih držav. Zaradi povečanih izdatkov so se pojavili primanjkljaji v državnih proračunih ter se je hkrati poslabšala likvidnost podjetij in bank. Svet ECB je predlagal nadaljevanje izvajanja standardnih operacij monetarne politike s politiko nizkih ključnih obrestnih mer. Kot enega dodatnih ciljev so definirali tudi visoko likvidnost. Z operacijami dolgoročnejšega refinanciranja (LTRO), ciljno usmerjenimi operacijami dolgoročnejšega refinanciranja (TLTRO), izrednimi operacijami dolgoročnejšega refinanciranja (PELTRO) in programi nakupa vrednostnih papirjev (APP in PEPP) je ECB uspešno zagotovila potrebno likvidnost Evrosistema brez posledičnega vpliva na povečevanje inflacije. Letna stopnja inflacije v letih 2020 in 2021 ni bila visoka, se je pa povišala v letu 2022. Monetarna politika ECB ni bila kriva za povečanje inflacije, saj je bil glavni generator višje inflacije dvig cen energentov, kovin, barvnih kovin in hrane kot posledica vojne v Ukrajini in motenih dobavnih poti. Čeprav smo v nalogi največ pozornosti namenili ukrepom ECB v času COVID-19, pa smo proučili tudi ukrepe ECB v času finančne krize leta 2008 in te ukrepe primerjali z ukrepi v času pandemije covida-19. Ugotovili smo, da je bilo delovanje ECB od leta 2020 do leta 2022 mnogo izrazitejše. Kombinacija uporabljenih ključnih obrestnih mer ob velikosti in raznolikosti ukrepov je bila ustrezna za dosego dobre likvidnosti in ustrezne inflacijske stopnje. V letu 2022 je bila razlika med inflacijsko stopnjo in ključnimi obrestnimi merami že zelo velika ter je ECB začela septembra 2022 dvigovati ključne obrestne mere. Sprememba ključnih obrestnih mer pa ni posledica zgrešenih odločitev vodenja monetarne politike v času pandemije covida-19. V letu 2023 se inflacija znižuje, vendar še ne bo dosegla načrtovanih 2 % letno. ECB je v letu 2023 nadaljevala z dvigi ključnih obrestnih mer.
Keywords:	Evropska centralna banka, EMU, monetarna politika, pandemija COVID-19, globalno finančno kriza
Place of publishing:	Maribor
Publisher:	I. Fabjan
Year of publishing:	2023
PID:	20.500.12556/DKUM-85242-3ff67f78-667e-0a4e-ee9e-eabe61e62ac1
UDC:	336.711
COBISS.SI-ID:	171191811
Publication date in DKUM:	07.11.2023
Views:	781
Downloads:	117
Metadata:
Categories:	EPF
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Licences

License:	CC BY-NC-ND 4.0, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International

Link:	http://creativecommons.org/licenses/by-nc-nd/4.0/
Description:	The most restrictive Creative Commons license. This only allows people to download and share the work for no commercial gain and for no other purposes.
Licensing start date:	23.08.2023

Secondary language

Language:	English
Title:	Monetary policy of the European Central Bank during the covid-19 pandemic
Abstract:	The COVID-19 pandemic was a health crisis that threatened to become an economic crisis. At the beginning of the crisis in 2020, the ECB responded with measures that made it possible to preserve the liquidity of banks and maintain a low inflation rate. The labor market was disrupted due to the disruption of supply chains and restrictive health measures, and the governments of the affected countries tried to regulate it. As a result of the increased expenditures, deficits appeared in the state budgets, and at the same time, the liquidity of companies and banks deteriorated. The Governing Council of the ECB proposed the continuation of standard monetary policy operations with a policy of low-key interest rates. High liquidity was also defined as one of the additional goals. Through longer-term refinancing operations (LTROs), targeted longer-term refinancing operations (TLTROs), extraordinary longer-term refinancing operations (PELTROs), and securities purchase programs (APPs) and (PEPPs), the ECB successfully ensured the necessary liquidity of the Eurosystem without the consequent impact of increasing inflation. The annual rate of inflation was not high in 2020 and 2021, but it increased in 2022. The monetary policy of the ECB was not to blame for the increase in inflation since the main generator of the higher inflation was the increase in the prices of energy products, metals, non-ferrous metals, and food as a result of the war in Ukraine and disrupted supply routes. Although in the task we paid the most attention to the measures of the ECB during the time of COVID-19, we also examined the ECB's measures during the 2008 financial crisis and compared these measures with the measures taken during the COVID-19 pandemic. We found that ECB's activity was much more pronounced from 2020 to 2022. The combination of key interest rates used with the size and variety of measures was adequate to achieve good liquidity and an appropriate inflation rate. In 2022 the difference between the inflation rate and key interest rates was already high, and the ECB started raising key interest rates in September 2022. The change in key interest rates is not the result of misguided decisions by monetary policy management during the COVID-19 pandemic. Inflation in 2023 is decreasing but will probably not reach the planned 2% per year. The ECB continued to raise key interest rates in 2023.
Keywords:	European Central Bank, EMU, monetary policy, pandemic COVID-19, global financial crisis

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