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Analele Universit ii Constantin Brncu i din Trgu Jiu, Seria Economie, Nr. 1/2010

Annals of the Constantin Brncu i University of Trgu Jiu, Economy Series, Issue 1/2010

49

ZONA EURO I POLITICA SA

MONETAR

Prof. univ. dr. Dorel DumitruCHIRI ESCU

Universitatea Constantin Brncui din Trgu Jiu

Andreea ANDRA IU

Rezumat

n acest articol am ncercat s fac o scurt prezentare a zonei euroi a politicii sale monetare.n prezent, Zona Euro cuprinde 16ri care au

adoptat euro ca moneda naional i de asemenea 4rimici care cu acorduri monetare cu vecinii lor.

Politica monetar reprezint toatereglementrile referitoare la acordarea de banii rateledobnzii adoptate de Banca Central European pentrua controla rata inflaiei i pentru stabilizarea uneianumite monede, n acest caz, euro. Stabilizarea rateiinflaiei la anumite niveluri este scopul principal al politicii monetare.

Politica monetar este a doua politic, alturi de

cea fiscal, n care un guvern, n acest caz, autoritileoficiale ale Uniunii Europene, poate avea un impactasupra situaiei economice din Zona Euro.

Politica fiscal reprezint modul n careguvernul cheltuie, mprumut sau aplic diverse tipuride impozite.

Politica monetar poate fi expansionar , cndomajul i recesiunea trebuie combtute, saucontracionar , cnd inflaia este combtut princreterea ratelor dobnzii.

Cuvinte cheie: politica monetar , zona euro,

piaa monetar , uniunea european, preuri.

Zona Euro i politica sa monetar

Zona Euro este alctuit din 16 riale Uniunii Europene care au adoptat monedaEuro ca moned unic. Cele 16ri membresunt Austria, Belgia, Cipru, Finlanda, Frana,Germania, Grecia, Irlanda, Italia, Luxemburg,

Malta, Olanda, Portugalia, Spania, Slovenia,

EURO ZONE AND ITS MONETARY

POLICY

Prof. PhD Dorel Dumitru CHIRI ESCUConstantin Brncui University of Trgu-

Jiu

Andreea ANDRA IU

Abstract

In this article I have tried to make a short presentation of the Euro Zone and its monetary policy.

At the present moment the Euro Zone has 16countries that have adopted the Euro as a nationalcurrency and also 4 small countries that have monetaryagreements with their neighbours.

The monetary policy represents all theregulations of the money supply and interest ratesadopted by the European Central Bank in order tocontrol the inflation rate and to stabilize a specificcurrency, in this case, the Euro. Stabilizing theinflation rate to certain levels is the main goal of the

monetary policy.The monetary policy is the second policy, nextto the fiscal one which in which a government, in thiscase the European Unions official bodies, can impactthe economic situation of the Eurozone.

The fiscal policy represents the way agovernment spends, borrows or applies different typesof taxes.

The Monetary policy can be either expansionary, when unemployement and recessionsneeds to be combated, or contractionary, wheninflation is conbated byt raising the interest rates.

Key words: monetary policy, Euro Zone,monetary market, European Union, prices.

Euro Zone and its monetary policy

The Euro Zone consists of 16countries of the European Union that haveadopted euro as their sole currency. The 16member countries are Austria, Belgium,Cyprus, Finland, France, Germany, Greece,

Ireland, Italy, Luxemburg, Malta, Holland,


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Slovacia. Pe lng acestea, 4 state foarte mici prin acordurile monetare ncheiate cu veciniilor, sunti ele ataate la zona euro: Andorra,Monaco, San Marinoi Vatican. Zona a fost

creat n 1999 de unsprezeceri, la care s-aalturat Grecia n 2001, Slovenia n 2007,Ciprui Malta n 2008, Slovacia n 2009. Treiri din Uniunea European nu au fost deacord cu introducerea acestei monede,ianume Danemarca, Regatul Uniti Suedia.

Sistemul European al Bncilor Centrale are ca obiectiv principal meninereastabilitii preurilor. S-a ales acest obiectivdin mai multe considerente. n primul rnd, politica monetar orientat spre meninereastabilitii preurilor pe termen lung, va ajutala mbuntirea perspectivelor economiceila ridicarea nivelului de trai al cetenilor. nal doilea rnd, politica monetar poateinfluena, numai nivelul preurilor.Meninerea stabilitii preurilor este singurulobiectiv realizabil ce poate fi atins pe termenmediu. Eurosistemul trebuie s acioneze nconformitate cu principiul unei economii de pia deschise, n care concurena este liber ,favoriznd alocarea eficient a resurselor.

Consiliul BCE a definit stabilitatea preurilor ca fiind o cretere anual aindicelui armonizat al preurilor de consum(IAPC) pentru Zona Euro sub nivelul de 2%.Stabilitatea preurilor trebuie meninut petermen mediu. IAPC este indicele careevalueaz cel mai bine variaiile n timp ale preului unui co reprezentativ de bunuriiservicii de consum, achiziionate de populaiazonei euro.

Expresia inferior nivelului de 2%stabilete o limit superioar clar pentru ratainflaiei msurat pe baza IAPC, aflat nconcordan cu stabilitatea preurilor petermen mediu. n acelai timp, intirea unor rate inferioare ale inflaiei apropiate denivelul de 2% ofer o marj adecvat nvederea evitrii riscurilor de deflaie.Formularea pe termen mediu semnaleaz faptul c politica monetar nu poate efectuareglaje fine la nivelul evoluiilor preurilor

sau inflaiei pe termen scurt, n decurs de

Portugal, Spain, Slovenia, and Slovakia.Besides them, 4 small countries, through themonetary agreements concluded with their neighbours, are also attached to the Euro

Zone: Andorra, Monaco, San Marino andVatican. The zone was created in 1999 byeleven countries, to which Greece joined in2001, Slovenia in 2007, Cyprus and Malta in2008, Slovakia in 2009. Three countries of the European Union have not agreed with theintroduction of this currency, namelyDenmark, United Kingdom and Sweden.

The European System of CentralBanks has the main task of maintaining pricesstability. This task was chosen from severalreasons. First of all, monetary policy orientedtowards long-term price stability will helpimprove economic perspectives and increasecitizens living standards. Second of all,monetary policy can influence only the levelof prices. Maintaining prices stability is theonly achievable goal that can be reached onmedium term. The euro system has to act incompliance with the principle of an openmarket economy, in which competition isfree, favouring efficient resources allocation.

CEB Council has defined pricesstability as being an annual growth of theharmonized index of consumer prices (HIPC)for the Euro Zone below the level of 2%.Prices stability has to be maintained on along term . HICP is the index which assesses best the variations of a representative basketof consumer goods and services in time, purchased by the population of the EuroZone.

The expression below the level of 2% establishes a clear upper limit for theinflation rate measured based on HIPC, inaccordance with prices stability on medium-term. At the same time, targeting lower inflation rates close to the level of 2% provides an adequate margin in order toavoid deflation risks. The expressionmedium-term reveals the fact that themonetary policy can make fine adjustments atthe level of prices evolutions or short-term

inflation for several months. We have to


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cteva luni. Trebuie menionat c nu s-astabilit o limit inferioar pentru nivelulinflaiei.

Prin intermediul strategiei de politic

monetar se ndeplinesc dou misiuniimportante. Impunnd o structur clar lanivelul procesului decizional, strategiaasigur punerea la dispoziia Consiliuluiguvernatorilor BCE a informaiilor ianalizelor necesare n vederea adoptriideciziilor. De asemenea, strategia reprezint un instrument prin care deciziile de politic monetar sunt explicate publicului. Sprijinindeficiena politicii monetarei comunicndangajamentul bncii centrale privindstabilitatea preurilor, strategia contribuie lacredibilitatea BCE pe pieele financiare, iar prin intermediul ratelor dobnzii pe termenscurt, politica monetar influeneaz economia i n ultim instan, nivelul preurilor.

n cadrul gamei de indicatori cheie pecare i monitorizeaz i analizeaz periodic,BCE acord o importan deosebit agregatelor monetare. Analiza monetar sentemeiaz pe faptul c inflaia i expansiuneamonetar sunt strns legate pe termen mediui lung, susinnd astfel orientarea pe termenmediu a strategiei de politic monetar aBCE.

n vederea meninerii stabilitii preurilor, Eurosistemul are la dispoziie unset deinstrumente de politic monetar .

Opera iunile de pia monetar reprezint instrumentul cel mai important.Acestea contribuie la:

controlarea ratelor dobnzilor, gestionarea situaiei lichiditilor pe piaa monetar

la indicarea orizontului de politic monetar .Operaiunile de pia monetar pot fi

clasificate n urmtoarele patru categorii: operaiuni principale de refinanare,

care sunt tranzacii reversibile, periodice, nvederea furnizrii de lichiditi, efectuate cu ofrecven s ptmnal i avnd n modobinuit o scaden de o s ptmn;

mention that no lower limit has beenestablished for the inflation level.

The monetary policy strategy allowsto fulfil two important missions. Establishing

a clear structure at the level of the decisionmaking process, the strategy provides the provision of the necessary information andsurveys to the CEB governors Council inorder to adopt the decisions. The strategy isalso an instrument through which monetary policy decisions are explained to the people.Supporting the efficiency of the monetary policy and informing the central bank on thecommitment regarding prices stability, thestrategy contributes to the CEB credibility onfinancial markets, and through short-terminterest rates, monetary policy influenceseconomy and prices level.

Within the range of key indicators thatit periodically monitors and analyzes, CEB pays special importance to monetaryaggregates. The monetary analysis is basedon the fact that momentary inflation andexpansion are medium and long-termconnected, therefore supporting the medium-term orientation of BEC monetary policystrategy.

In order to maintain prices stability,the Euro system has a set of monetary policyinstruments .

Monetary market operations are themost important instrument, they contribute to:

Control of interests rate, Managing the active capital on the

monetary market Indicating the monetary policy

horizon.Monetary market operations can beclassified into the following four categories:

Main refinancing operations, whichare reversible, periodical transactions, inorder to provide active capital, performedweekly and usually having an outstanding period of a week;

Longer-term refinancing operations,which are reversible transactions in order to provide active capital, performed monthlyand usually having an outstanding period of


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operaiuni de refinanare pe termenmai lung, care sunt tranzacii reversibile nvederea furnizrii de lichiditi, efectuate cu ofrecven lunar i avnd n mod obinuit o

scaden de trei luni; operaiuni de reglaj fin, care sunt

executate ad-hoc, n scopul de a gestionasituaia lichiditilor pe pia i de a controlaratele dobnzilor, n special pentru a atenuaefectele asupra ratelor dobnzilor determinatede fluctuaii neateptate ale lichiditilor de pe pia;

operaiuni structurale, realizate prinemiterea de certificate de crean i prinapelul la tranzaciile reversibilei tranzaciiledefinitive.

Eurosistemul ofer i facilit ipermanente , avnd ca scop furnizareaiabsorbia de lichiditate overnighti stabilirealimitelor pentru ratele dobnzilor overnightde pe piaa monetar .

n cele din urm, instituiile de creditsunt nevoite s constituie rezerve minime obligatorii n conturile deschise la bncilecentrale naionale. Obiectivul regimului privind rezervele minime obligatorii estestabilizarea ratelor dobnzilor de pe piaamonetar i crearea (sau accentuarea) unuideficit structural de lichiditi.

Bibliografie

1. Optimal monetary policy rules for theeuro area: an analysis using the area widemodel, A. Dieppe; K. Kuester; P. McAdam

2. European Central Bank 3. Monetary Policy at the EuropeanPeriphery, I.A. MourMouras, M.G.

Arghyrou4. Monetary Policy Rules, J. Taylor.

three months; Fine adjustment operations,

performed ad-hoc, in order to manage theactive capital on the market and control

interest rates, especially to decrease theeffects on interest rates caused by unexpectedfluctuations of the active capital on themarket;

Structural operations, performed byissuing certificates of claims and by usingreversible transactions and definitivetransactions.

The Euro system providespermanentfacilities, with the purpose of providing andabsorbing overnight active capital andestablishing the limits for overnight interestrates on the monetary market.

At last, credit institutions have toestablishminimum compulsory reserves inthe accounts opened at national central banks.The task of the minimum compulsoryreserves regime is stabilizing the interest rateson the monetary market and creating (or developing) a structural deficit of activecapital.

Bibliography

1. Optimal monetary policy rules for theeuro area: an analysis using the area widemodel, A. Dieppe; K. Kuester; P. McAdam2. European Central Bank 3. Monetary Policy at the EuropeanPeriphery, I.A. MourMouras, M.G.

Arghyrou

4. Monetary Policy Rules, J. Taylor.

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