Transformations in the Monetary and Financial Policy of the European Union under the Influence of COVID‑19

Author:

Pishchika V. Ya.1ORCID,Alekseev P. V.1ORCID

Affiliation:

1. Financial University

Abstract

The article analyses institutional changes in monetary and financial policy mechanisms, including the temporary «freezing» of the Stability and Growth Pact as an extraordinary anti-crisis policy measure under the influence of the COVID‑19 pandemic. We considered the anti-crisis instruments of the operational mechanism of the unified monetary policy and their impact on the «inflation» of the ECB balance sheet. Trends and directions of strengthening the regulatory role of the ECB and the general budget of the EU in the integration processes in the European Union are analyzed. We based our research on dialectical, systemic and institutional approaches. Also, we used methods of comparative and statistical analysis. Based on our study, we revealed the features of the new approaches of the European Central Bank to the broad interpretation of the monetary policy strategy. Further, we identified transformations in the operating mechanism and tools of the unified monetary policy under the influence of the COVID‑19 pandemic. Finally, we determined and assessed the priority orientation of the EU general budget expenditures for 2021–2027 and new collective funds to tackle the crisis to promote innovation and improve the competitiveness of the European economy.

Publisher

Financial University under the Government of the Russian Federation

Reference13 articles.

1. Mundell R. A. A reconsideration of the twentieth century. American Economic Review. 2000;90(3):327–340. DOI: 10.1257/aer.90.3.327

2. Frankel J. A., Rose A. K. The endogeneity of the optimum currency area criteria. The Economic Journal. 1998;108(449):1009–1025. URL: http://faculty.haas.berkeley.edu/arose/ocaej.pdf

3. Borko Yu. A. From a European idea to a united Europe. Moscow: Delovaya literatura; 2003. 463 p. (In Russ.).

4. Glukharev L. I., ed. Europe of change: Concepts and strategies of integration processes. Moscow: Kraft+; 2006. 352 p. (In Russ.).

5. Shishkov Yu. V. Integration processes on the threshold of the XXI century. Moscow: III tysyacheletie; 2001. 480 p. (In Russ.).

Cited by 2 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3