| On 1st July 1998,the European Central Bank started its work officially.As the first financial institution managing the super national currency in the world,the Central Bank of Europe is officially on the stage of history and begins to play a role in economic construction,development and integration of EU countries.Its establishment marks the final stage of the construction of the economic and monetary union(EMU),which is the first pillar of the three pillars of the EU.The construction of EMU is the most mature and deepening field in the process of European integration.However,the outbreak of the financial crisis in 2008 completely disrupted the original monetary policy operation of the ECB.Under the influence of the internal and external economic environment,the ECB began to change its monetary policies from traditional monetary policies such as deposit reserves,deposit and loan facilities,and open market operations to unconventional monetary policies such as quantitative easing,refinancing operations,and various bond purchases.As the super-national group with the highest degree of economic integration,the implementation and adjustment of its monetary policy not only concerns the smooth operation of the EU’s internal economy,but also has an important impact on the world economy in the context of increasingly deepening global economic linkages.On the basis of sorting out the EMU and the ECB’s development.Taking the 2008 financial crisis as a node,we analyzed the monetary policy implemented by the ECB before and after the crisis,and combed the monetary policy’s control tools,targets and strategies since the establishment of the ECB.Then the empirical model is established according to the actual policy effect.Finally,combined with the governance experience of the European Central Bank since its establishment,we put forward relevant policy assumptions and prospects. |
