EBC virtual currency
Publish: 2021-04-22 23:06:31
1.
1. The nature of the two currencies is different: bitcoin is an encrypted digital currency, and Morgan is a typical MLM currency
(1) bitcoin is a consensus network, contributing to a new payment system and a fully digital currency. It is the first decentralized peer-to-peer payment network, which is controlled by its users without a central management organization or middleman (2) Morgan is a kind of typical MLM currency, they often promise high income, the information of the founding operation team is not open, and they have the background of international large companies, so they put forward a set of seemingly reasonable economic theory
extension data: the harm of
network currency: the extensive application of
1 and virtual currency is also accelerating the rampant network robbers.
(1) in December 2006, the Shenzhen Public Security Bureau announced that it had cracked the country's largest theft network virtual property case, and 11 suspect was arrested. The gang used trojan virus to illegally steal virtual property such as tens of thousands of QQ numbers and QQ coins, and sold stolen goods on the network, making a profit of more than 700000 yuan
(2) in this case, the virtual currency Q was used as the standard of conviction and sentencing, and the police's arrest of illegal elements on suspicion of theft is a special case. The reason is that Tencent has filed with the Guangdong Provincial Price Bureau, and one q is equivalent to 1 yuan
(3) online currency is used more and more widely, for example, it can be used to buy anti-virus software online, vote for super girl, and some websites even use online currency to pay the moderator
2. Outside the business system, because indivial virtual currency has become the "equivalent" of RMB, or even "online RMB", which shows the role of "network hard currency", the illegal gains of illegal gambling can be cashed into RMB, which further promotes online gambling
2.
I think bitcoin China is a reliable platform. It is the first and largest bitcoin trading platform in China. It is operated by Shanghai satuxi Network Co., Ltd. and was established on June 9, 2011. The team members are mainly from China, Silicon Valley and Europe
bitcoin world is based on credit, and Chinese brands of bitcoin have high credibility in the global bitcoin field
3. This is a 50 euro note“ BCE, ECB, EZb, ekt, EKP "are the five official languages used in the European Union, and are the abbreviations of" European Central Bank "
the main scenes of the front of the banknote are Renaissance architectural style (door) and printing house identification code (at the right edge of the image); Common features: European Union flag, year number 2002, signature, denomination and unit (Latin and Greek), twelve stars symbolizing European unity; The back is the back, the main scenery is Renaissance architectural style (bridge), common features: European map, denomination and unit (Latin and Greek), banknote serial number (prefix letter represents country), twelve stars (part) symbolizing European unity
according to the current exchange rate: 1 euro = 8.2588 yuan, so 50 euro notes can be exchanged for 412 yuan
4. This is the euro. The note says euro, EU.
5. In fact, this sentence is easy to understand as long as it is compared with the rescue plan of the United States. The U.S. financial crisis mainly endangers the U.S. banking instry, because banks have a lot of bad debts e to the subprime mortgage problem, which leads to the shortage of bank funds, thus affecting the liquidity of the whole economy. So the U.S. rescue plan is for the Federal Reserve to inject money into large financial institutions to solve their debt problems. The debt problem in Europe is different from that in the United States, because it is not caused by commercial banks, but by national finance. Therefore, the main purpose of ECB's purchase of Euro bonds is to help euro zone countries obtain relatively low financing in the case of credit rection, fiscal deterioration and economic stagnation, and stabilize the euro debt market, so that euro zone countries can carry out the fiscal downsizing plan in the case of fiscal deterioration.
6. Analysis of the monetary policy of the European Central Bank by Peng Yun, School of economics and management, Wuhan University source: Shanghai finance, 2006, issue 8 Abstract: the "two pillars" monetary policy strategy of the European Central Bank ensures the continuity and systematicness of the monetary policy decision-making method, which is not only concive to stabilizing inflation expectations, but also to improving the efficiency of monetary policy decision-making, And it helps build public trust in the European Central Bank
key words: European Central Bank; Monetary policy strategy; Monetary policy transparency
first, the monetary policy strategy of the European Central Bank
1
although the Maastricht stipulates that the primary goal of the European Central Bank is to maintain price stability in the euro area, the Treaty does not give a clear definition of price stability. In order to make the target more operational, the ECB management board (also known as the ECB monetary policy committee) gave a quantitative definition of price stability in 1998: the annual growth rate of the consumer price coordination index (HICP) of the whole euro area is no more than 2%, and the price stability can be maintained in the medium term. After nearly five years of monetary policy practice, the ECB management board revised the definition of price stability in 2003: in the medium term, the annual growth rate of CPI inflation is lower than but close to 2%< From this definition, we can see that: (1) the ECB's judgment of price stability is based on the price level of the whole euro zone in the medium term. There is a time lag in the impact of changes in monetary policy on prices, and the final extent of the impact is uncertain. Therefore, it is difficult for monetary policy to offset the impact of unexpected shocks on prices in the short term. Some short-term fluctuations in the inflation rate are inevitable, and monetary policy will not be adjusted e to short-term price or inflation changes in weeks or months, Monetary policy focuses on the medium term 2) The annual growth rate of HICP is lower than but close to 2%, which not only sets the upper limit for the inflation rate of HICP, but also points out that deflation and price stability are incompatible
giving a clear quantitative definition of price stability not only helps to increase the transparency of monetary policy, but also provides a standard for the public to supervise; It not only helps the public to better understand the monetary policy framework, but also more effectively guide the public's expectations of the price trend. It not only enhances the credibility of the single monetary policy, but also improves the effectiveness of the single monetary policy
2
economic analysis and monetary analysis constitute the monetary policy framework of the ECB. Within this framework, the ECB collects all kinds of information for the formulation and adjustment of monetary policy, and makes full use of all kinds of analysis tools to ensure that all relevant information will not be omitted, so as to ensure the robustness of monetary policy decision-making. The two pillar strategy is not only different from the monetary policy framework of inflation target, but also different from the traditional method of using money supply or exchange rate as "nominal anchor"< (1) economic analysis. It mainly refers to the analysis of short-term risks that affect price stability based on a large number of economic and financial data. The analysis is based on the following understanding: the change of price level in the short term is largely determined by the supply and demand of goods, services and factor markets. Therefore, the main variables concerned by the ECB are: changes in aggregate demand, aggregate output and labor market, changes in generalized price and cost index, changes in fiscal policy, conditions of capital market and labor market, changes in the balance of payments of the euro area, etc< (2) currency analysis. This paper focuses on the medium and long term analysis, which is based on the fact that the growth rate of money supply is closely related to the change of inflation rate in the medium and long term. The change of currency contains the information of future price change, so it is helpful to make an overall assessment of the risk of price stability. The ECB selects money supply indicators from a series of alternative indicators and publishes the reference value of M3 growth rate of broad money, which clearly shows its intention of monetary analysis to the public. A lot of empirical analysis shows that there is a stable relationship between m3 and price level and other macro variables. M3 also predicts future inflation, especially in the medium term<
the ECB will evaluate, repeatedly check and summarize the information obtained from the two column strategy to form an overall assessment of the degree and nature of economic fluctuation, the results of economic operation and the main risks of price stability, so as to provide a strong basis for the formulation of monetary policy. Through the information exchange framework, the public can understand the complex environment faced by the ECB in formulating monetary policy, know what factors the ECB has considered in formulating monetary policy, and what proceres it has adopted to make monetary policy decisions< 3. Pay attention to the communication function of monetary policy strategy
transparent monetary policy requires the central bank to provide the public and the market with decision-making related information, the proceres adopted in policy-making, the data used and the factors considered, and to effectively communicate with the public on the current economic situation. All of these can be carried out in an open, clear and timely state
the communication of ECB is faced with a multicultural environment. There are 12 different countries and 10 different languages in the euro area, which undoubtedly challenge the ECB's monetary policy communication. The ECB emphasizes effective communication and interaction with the public to ensure that the public can better understand the formulation process and basis of monetary policy, so as to improve the credibility of the central bank and the transmission efficiency of monetary policy. In order to make the public better understand the monetary policy, the ECB transmits the monetary policy information to the public through various channels:
(1) the press conference after the first meeting of the monetary policy committee every month is the most important way of communication for the ECB. The ECB was the first central bank to hold a press conference. At the press conference, the president of the ECB will introce to the public in detail the Management Council's analysis of the current economic situation and the risk assessment of price stability related to monetary policy, and inform the public of other issues and decisions discussed by the Management Council. Participants can also interact with the press spokesman. The written materials of the press conference will also be published on the ECB's website on the same day, so that these monetary policy information can be timely presented to the public
(2) the ECB publishes "Monthly Bulletin" every month, which publishes all statistical information and data on which monetary policy decisions are based to the public, and also provides experts' analysis articles on monetary policy. In addition, the ECB president reports to the economic and Monetary Affairs Committee of the European Parliament on the implementation of the ECB's monetary policy every quarter and answers relevant questions. The ECB also submits its annual report to the European Parliament every year
(3) the president, vice president and other members of the monetary policy committee of the ECB make full use of various opportunities to communicate with the public, elaborate the ECB's monetary policy strategy and analysis framework, and constantly improve the credibility of the ECB's monetary policy. Exchanges include regular media interviews, participation in global and regional economic and financial forums, and lectures at universities around the world. The speeches and speeches of members of the monetary policy committee, the analytical articles of researchers, and the policy research results of wide public concern can be found on the website of the ECB and its published papers and special issues< 4. Pay attention to the research function of the central bank
the objective of ECB economic research is to provide strong theoretical and empirical support for monetary policy decision-making on the one hand, and to better serve the communication between ECB and the public and the market on the other hand<
the economic research of ECB is carried out in various forms: working paper mainly encourages the research on the relevant issues of ECB monetary policy, including not only the phased achievements of ECB researchers, but also the research on monetary policy by some experts and scholars in academic circles. These articles can be obtained free of charge on the ECB website, which is very helpful for the public to understand the ECB's monetary policy. At the same time, ECB also uses a large number of macroeconomic models to analyze and forecast the euro area economy and different countries in the euro area, so as to provide more reliable forecast information for monetary policy decision-making. In view of the problems of European capital market and financial integration, the economic cycle change of euro area and so on, ECB has established an extensive research network. In addition, the ECB and the US Federal Reserve hold international monetary policy forums in turn to encourage discussion of monetary policy related issues from a global perspective< Second, the enlightenment to the operation of China's monetary policy
1. Further improve the independence of China's central bank
enhancing the independence of the central bank is the basic direction of the reform of monetary control mechanism in various countries. Practice has proved that the independence of the central bank has a great influence on its monetary policy operation. The central bank with strong independence has achieved good results in formulating and implementing monetary policy and curbing inflation
the Maryo gives the ECB the independence of monetary policy objectives, and the ECB also has the independence of tools, finance and personnel, so it provides the institutional guarantee for the ECB to carry out monetary policy operation independently< After more than 10 years of development, the independence of the people's Bank of China has been greatly improved, but it is still restricted by many factors. From the perspective of goal independence, although the law of the people's Bank of China clearly stipulates that "the goal of monetary policy is to maintain the stability of currency value and promote economic growth", China's monetary policy is still subject to multi-objective constraints: price stability, increasing employment, promoting economic growth, maintaining the stability of RMB exchange rate, resolving financial risks and so on. From the perspective of operational independence, there are also some constraints, such as the underdeveloped financial market, the small choice of monetary policy tools, the excessive dependence of monetary policy on the transmission of state-owned commercial banks and so on
there is a conflict between multiple objectives, which makes the monetary policy decision-making of the central bank quite difficult. In the process of economic transition, the multi-objective constraints of monetary policy will exist for a long time, so it is more difficult to improve the independence of objectives than operation. Under the current institutional arrangement, we should further improve the operational independence of the central bank, vigorously develop the financial market, especially the money market, actively promote the marketization of interest rates, and constantly improve the marketization of monetary policy tools, operational targets and intermediary target variables, so as to make the monetary policy operation of the people's Bank of China more flexible and forward-looking, To create conditions for the preventive operation of the people's Bank of China's monetary policy< 2. Establish a more flexible monetary policy framework as soon as possible
there is a common defect in using instrumental variables such as interest rate, exchange rate or money supply as intermediary targets, that is, the flexibility of monetary policy is poor. Because of this, the vast majority of countries do not simply restore the interest rate target after abandoning the money supply target, but more and more use the inflation target as a non instrumental variable target. That is to say, monetary policy operation directly focuses on the inflation rate, and takes other important economic variables such as money supply, interest rate, economic prosperity index and so on as monitoring indicators
after examining the monetary policy strategies adopted or being adopted by some other central banks, the European Central Bank has decided to adopt the al monetary policy with the goal of stability
key words: European Central Bank; Monetary policy strategy; Monetary policy transparency
first, the monetary policy strategy of the European Central Bank
1
although the Maastricht stipulates that the primary goal of the European Central Bank is to maintain price stability in the euro area, the Treaty does not give a clear definition of price stability. In order to make the target more operational, the ECB management board (also known as the ECB monetary policy committee) gave a quantitative definition of price stability in 1998: the annual growth rate of the consumer price coordination index (HICP) of the whole euro area is no more than 2%, and the price stability can be maintained in the medium term. After nearly five years of monetary policy practice, the ECB management board revised the definition of price stability in 2003: in the medium term, the annual growth rate of CPI inflation is lower than but close to 2%< From this definition, we can see that: (1) the ECB's judgment of price stability is based on the price level of the whole euro zone in the medium term. There is a time lag in the impact of changes in monetary policy on prices, and the final extent of the impact is uncertain. Therefore, it is difficult for monetary policy to offset the impact of unexpected shocks on prices in the short term. Some short-term fluctuations in the inflation rate are inevitable, and monetary policy will not be adjusted e to short-term price or inflation changes in weeks or months, Monetary policy focuses on the medium term 2) The annual growth rate of HICP is lower than but close to 2%, which not only sets the upper limit for the inflation rate of HICP, but also points out that deflation and price stability are incompatible
giving a clear quantitative definition of price stability not only helps to increase the transparency of monetary policy, but also provides a standard for the public to supervise; It not only helps the public to better understand the monetary policy framework, but also more effectively guide the public's expectations of the price trend. It not only enhances the credibility of the single monetary policy, but also improves the effectiveness of the single monetary policy
2
economic analysis and monetary analysis constitute the monetary policy framework of the ECB. Within this framework, the ECB collects all kinds of information for the formulation and adjustment of monetary policy, and makes full use of all kinds of analysis tools to ensure that all relevant information will not be omitted, so as to ensure the robustness of monetary policy decision-making. The two pillar strategy is not only different from the monetary policy framework of inflation target, but also different from the traditional method of using money supply or exchange rate as "nominal anchor"< (1) economic analysis. It mainly refers to the analysis of short-term risks that affect price stability based on a large number of economic and financial data. The analysis is based on the following understanding: the change of price level in the short term is largely determined by the supply and demand of goods, services and factor markets. Therefore, the main variables concerned by the ECB are: changes in aggregate demand, aggregate output and labor market, changes in generalized price and cost index, changes in fiscal policy, conditions of capital market and labor market, changes in the balance of payments of the euro area, etc< (2) currency analysis. This paper focuses on the medium and long term analysis, which is based on the fact that the growth rate of money supply is closely related to the change of inflation rate in the medium and long term. The change of currency contains the information of future price change, so it is helpful to make an overall assessment of the risk of price stability. The ECB selects money supply indicators from a series of alternative indicators and publishes the reference value of M3 growth rate of broad money, which clearly shows its intention of monetary analysis to the public. A lot of empirical analysis shows that there is a stable relationship between m3 and price level and other macro variables. M3 also predicts future inflation, especially in the medium term<
the ECB will evaluate, repeatedly check and summarize the information obtained from the two column strategy to form an overall assessment of the degree and nature of economic fluctuation, the results of economic operation and the main risks of price stability, so as to provide a strong basis for the formulation of monetary policy. Through the information exchange framework, the public can understand the complex environment faced by the ECB in formulating monetary policy, know what factors the ECB has considered in formulating monetary policy, and what proceres it has adopted to make monetary policy decisions< 3. Pay attention to the communication function of monetary policy strategy
transparent monetary policy requires the central bank to provide the public and the market with decision-making related information, the proceres adopted in policy-making, the data used and the factors considered, and to effectively communicate with the public on the current economic situation. All of these can be carried out in an open, clear and timely state
the communication of ECB is faced with a multicultural environment. There are 12 different countries and 10 different languages in the euro area, which undoubtedly challenge the ECB's monetary policy communication. The ECB emphasizes effective communication and interaction with the public to ensure that the public can better understand the formulation process and basis of monetary policy, so as to improve the credibility of the central bank and the transmission efficiency of monetary policy. In order to make the public better understand the monetary policy, the ECB transmits the monetary policy information to the public through various channels:
(1) the press conference after the first meeting of the monetary policy committee every month is the most important way of communication for the ECB. The ECB was the first central bank to hold a press conference. At the press conference, the president of the ECB will introce to the public in detail the Management Council's analysis of the current economic situation and the risk assessment of price stability related to monetary policy, and inform the public of other issues and decisions discussed by the Management Council. Participants can also interact with the press spokesman. The written materials of the press conference will also be published on the ECB's website on the same day, so that these monetary policy information can be timely presented to the public
(2) the ECB publishes "Monthly Bulletin" every month, which publishes all statistical information and data on which monetary policy decisions are based to the public, and also provides experts' analysis articles on monetary policy. In addition, the ECB president reports to the economic and Monetary Affairs Committee of the European Parliament on the implementation of the ECB's monetary policy every quarter and answers relevant questions. The ECB also submits its annual report to the European Parliament every year
(3) the president, vice president and other members of the monetary policy committee of the ECB make full use of various opportunities to communicate with the public, elaborate the ECB's monetary policy strategy and analysis framework, and constantly improve the credibility of the ECB's monetary policy. Exchanges include regular media interviews, participation in global and regional economic and financial forums, and lectures at universities around the world. The speeches and speeches of members of the monetary policy committee, the analytical articles of researchers, and the policy research results of wide public concern can be found on the website of the ECB and its published papers and special issues< 4. Pay attention to the research function of the central bank
the objective of ECB economic research is to provide strong theoretical and empirical support for monetary policy decision-making on the one hand, and to better serve the communication between ECB and the public and the market on the other hand<
the economic research of ECB is carried out in various forms: working paper mainly encourages the research on the relevant issues of ECB monetary policy, including not only the phased achievements of ECB researchers, but also the research on monetary policy by some experts and scholars in academic circles. These articles can be obtained free of charge on the ECB website, which is very helpful for the public to understand the ECB's monetary policy. At the same time, ECB also uses a large number of macroeconomic models to analyze and forecast the euro area economy and different countries in the euro area, so as to provide more reliable forecast information for monetary policy decision-making. In view of the problems of European capital market and financial integration, the economic cycle change of euro area and so on, ECB has established an extensive research network. In addition, the ECB and the US Federal Reserve hold international monetary policy forums in turn to encourage discussion of monetary policy related issues from a global perspective< Second, the enlightenment to the operation of China's monetary policy
1. Further improve the independence of China's central bank
enhancing the independence of the central bank is the basic direction of the reform of monetary control mechanism in various countries. Practice has proved that the independence of the central bank has a great influence on its monetary policy operation. The central bank with strong independence has achieved good results in formulating and implementing monetary policy and curbing inflation
the Maryo gives the ECB the independence of monetary policy objectives, and the ECB also has the independence of tools, finance and personnel, so it provides the institutional guarantee for the ECB to carry out monetary policy operation independently< After more than 10 years of development, the independence of the people's Bank of China has been greatly improved, but it is still restricted by many factors. From the perspective of goal independence, although the law of the people's Bank of China clearly stipulates that "the goal of monetary policy is to maintain the stability of currency value and promote economic growth", China's monetary policy is still subject to multi-objective constraints: price stability, increasing employment, promoting economic growth, maintaining the stability of RMB exchange rate, resolving financial risks and so on. From the perspective of operational independence, there are also some constraints, such as the underdeveloped financial market, the small choice of monetary policy tools, the excessive dependence of monetary policy on the transmission of state-owned commercial banks and so on
there is a conflict between multiple objectives, which makes the monetary policy decision-making of the central bank quite difficult. In the process of economic transition, the multi-objective constraints of monetary policy will exist for a long time, so it is more difficult to improve the independence of objectives than operation. Under the current institutional arrangement, we should further improve the operational independence of the central bank, vigorously develop the financial market, especially the money market, actively promote the marketization of interest rates, and constantly improve the marketization of monetary policy tools, operational targets and intermediary target variables, so as to make the monetary policy operation of the people's Bank of China more flexible and forward-looking, To create conditions for the preventive operation of the people's Bank of China's monetary policy< 2. Establish a more flexible monetary policy framework as soon as possible
there is a common defect in using instrumental variables such as interest rate, exchange rate or money supply as intermediary targets, that is, the flexibility of monetary policy is poor. Because of this, the vast majority of countries do not simply restore the interest rate target after abandoning the money supply target, but more and more use the inflation target as a non instrumental variable target. That is to say, monetary policy operation directly focuses on the inflation rate, and takes other important economic variables such as money supply, interest rate, economic prosperity index and so on as monitoring indicators
after examining the monetary policy strategies adopted or being adopted by some other central banks, the European Central Bank has decided to adopt the al monetary policy with the goal of stability
7.
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8. This used to be the subject of the joint financial examination
under the condition of modern open economy, a complete monetary policy transmission model of a country includes monetary policy objectives, tools, markets, as well as its participants, transmission carriers and transmission chains (layers). Broadly speaking, it also includes the transmission mechanism and effect with other macroeconomic policies (especially fiscal policy) and monetary policies of other countries. It can be divided into two stages: domestic transmission and international transmission, economic variable transmission and financial institutions, market transmission, financial self-regulation and financial role in the economy. After comprehensive simplification, we get the basic monetary policy transmission model of a country
in this model, we need to explain that: (1) money supply (m) is a preset indicator determined by the central bank, which is expressed as the expected central bank money volume, total money supply or the upper and lower limits of money growth rate, etc 2) Financial market mainly refers to money market and foreign exchange market. With the help of M, the central bank influences the liquidity of funds in the financial market, and then forms a mechanism of monetary policy transmission from market interest rate (I), securities price and exchange rate (E) to domestic proct market and international financial market. The same is true of monetary policy transmission from other countries to their own countries 3) Other macroeconomic policy adjustments and factor price changes may partially enhance or offset the transmission effect of monetary policy. Therefore, the construction of policy collocation and mutual transmission mechanism is very important 4) International Trade (b) is a bridge linking domestic and international proct markets. M. The changes of I, e and B will eventually achieve the balance of internal and external supply and demand of a country's financial assets and physical assets, and the transmission effect of monetary policy will be completed
monetary union is the proct of international economic integration. If we assume that the economic cycle of the countries in the alliance is consistent, the financial market is fully integrated, the factor market has sufficient liquidity, and the exogenous variables that affect the proct market, such as fiscal policy and employment policy, are unified, then the transmission of monetary policy among the countries in the alliance can be regarded as an expanded domestic transmission of monetary policy. Its conction mechanism is the same as the latter. But the above conditions are not fully met in reality. The analysis of the transmission mechanism of monetary policy is more complicated
different from one country's monetary policy transmission, the following are: (1) the degree of economic integration and financial liberalization of each member country is the most important variable and basic starting point affecting the transmission effect of the Union's unified monetary policy, as mentioned above 2) The independence, transparency and coordination of the unified central bank system are the key to the realization of the unified monetary monitoring indicators m and I 3) In the process of financial market integration of the countries in the alliance, the differences of nominal I, e and real I, E among countries under the unified monetary policy are affected by the inconsistent changes of exogenous variables such as inflation rate, unemployment rate, economic growth rate, factor liquidity and incomplete information, Then there may be regional structural imbalance of money supply and demand caused by money flow and currency substitution. Therefore, a restraint mechanism should be established in the transmission of monetary policy to make up or offset this defect 4) In accordance with (3), the primary or ultimate goal of the unified central bank system is and can only be to maintain the stability of currency value. Other macroeconomic policies, such as economic growth, full employment, balance of payments, etc., need to be completed by other institutions of the alliance or the governments of member States. In terms of strengthening the effectiveness of monetary policy and "the overall interests of the union are above everything", if a country's macroeconomic policy and the monetary policy of the union can not effectively cooperate, it will either withdraw from the monetary union or compromise to the unified monetary policy
in view of this, the monetary integration of the European Economic and Monetary Union (EMU) is accompanied by the in-depth development of economic integration, and the monetary policies of the member countries have also experienced the transmission process from domestic to international, from part to the whole, initially realizing the conditions of unified monetary policy transmission, such as the establishment of the European monetary system (EMS) in 1979, with the formation of the European monetary unit (ECU) as the core, The regional adjustable fixed exchange rate system with ERM as the main body and credit system as the auxiliary means lays the foundation for the establishment of EMU; The 1989 Delors report emphasized the free exchange of currencies, the complete liberalization of capital markets and the integration of financial markets in all member countries; The Maastricht Treaty in 1992 formally put forward the construction process of EMU and the idea of introcing the single currency euro; After implementation, in the first stage (1990.7.1-1993.12.31), the European unified market was launched, and the European Union (EU) replaced the European community. The horse treaty, which aims to promote the coordination and convergence of economic, monetary and fiscal policies of EU countries, came into effect, the constitution of the European Central Bank was issued, and the EMS was further strengthened; In the second stage (1994.1.1 ~ 1998.12.31), the European Monetary Office (EMI) was established. Based on the overall monetary situation of the European Union, the upper and lower limits of the growth of money supply (M3) were announced every year, so as to monitor and coordinate the monetary policies of the member states. The narrow fluctuation of EMS exchange rate operation narrowed again; In March 1998, the Executive Committee of the European Union announced that the 11 member states of the European Union have reached the condition of implementing a single currency. The euro can be started on January 1, 1999 (the third stage starts and the European monetary integration is completed on June 30, 2002), and the permanent fixed exchange rate system will be implemented in the euro area to realize the "three unification" of currency, monetary policy and central bank; The ECB is in charge of currency issuing power and decision-making power of monetary policy. NCBs participate in and implement the decision-making of ECB monetary policy, decide their own business policies, and manage foreign exchange reserves according to the instructions of ECB. The transmission mechanism of the European Central Bank's unified monetary policy has taken shape< Second, from the perspective of the Bundesbank, the transmission mechanism of monetary policy of the European Central Bank (ECB) is analyzed It is helpful to analyze the monetary policy transmission mechanism of the European Central Bank by understanding the characteristics of the monetary policy transmission of the Bundesbank
generally speaking, the monetary policy of the Bundesbank mainly changes the liquidity of banks by monitoring the money supply m3, coordinating the use of the three monetary policy tools, and indirectly affects the credit policy of banks and the demand for money and credit of the German economy through the interest rate mechanism of the financial market, and finally focuses on the decisions of expenditure and prices in the economy. This transmission mechanism is mainly restricted by the monetary expansion mechanism of credit institutions, the minimum reserve in Germany and the characteristics of refinancing system. Because the credit monetary expansion of the whole banking system will inevitably proce inelastic demand and lag effect on the central bank's money in the short term, the federal bank can rely on its dominant position in the central bank's money supply, and use the disposable tools to adjust the interest rate and the demand conditions of the money market, so as to make it consistent with the monetary target. Firstly, it changes the interest rate of its own refinancing transactions and open market business. Secondly, it chooses the best channel to provide or extract deposits from the central bank, and decides the time to intervene in the money market and the range to provide liquidity in the money market. Through the management of money market liquidity, the federal bank exerts indirect influence on the credit and capital market conditions, so as to influence the bank's loan desire in the predetermined direction for a long time, as well as the economy's demand for money and credit, so as to make the monetary expansion adapt to its monetary growth target. Combined with long-term and short-term adjustment, the federal bank often uses foreign exchange swap and foreign exchange repo transactions to "fine tune" the money market and resist the unpredictable fluctuations of credit institutions' deposits in the central bank ring the period of monthly minimum reserve deposit by absorbing and providing liquidity. Therefore, the transmission effect of monetary policy is consolidated
as the ECB and the Bundesbank are in the same line, their monetary policy transmission mechanism has rules to follow, especially in the highly relevant and comparable use of their monetary policy tools, thus clarifying the core of the ECB's monetary policy transmission mechanism liquidity management and interest rate mechanism< Open market operation is the most important monetary policy tool of the two banks. Its purpose is to guide the market interest rate, manage the market liquidity and transmit signals for the guidance of monetary policy, so as to control the money supply. The operation is mainly in the form of securities repurchase agreement. Its essence is that the central bank provides short-term funds to commercial banks with financial securities as collateral. From the experience of the federal bank, it has adapted to the needs of the German money market and capital market, which are more closely linked with foreign markets, so that it can respond quickly to financial changes and take measures with different intensity. The level and structure of the money market are largely determined by the liquidity and interest rate structure of the transaction, and can influence the fixed deposit interest rate through the money market interest rate, and then the marginal cost of the bank's capital from the non banking sector. In addition, the offer and price seeking of open market interest rate in the form of repurchase agreement also have psychological signal effect, and the central bank can use them to influence the interest rate expectation in the market
in the operational framework of the ECB, open market operations are mainly organized and implemented by NCBs, but their applicable conditions (such as repo rate) are uniformly formulated by the ECB. This means that the ECB sets the basis for the level of money market interest rates across the eurozone
in addition to short-term financing mainly through repurchase agreements, ECB can also carry out long-term financing operation, fine-tuning operation and structural operation in the open market through direct trading, issuing bonds, foreign currency swap and absorbing time deposits. Direct transaction means that ECB directly affects the deposit interest rate of banks by selling money market bills to non bank sectors and using price competition mechanism. Foreign exchange swap is carried out under the prevailing market interest rate, which generally has no direct impact on the exchange rate except for the liquidity. The effectiveness of the above operation has been confirmed by the operation practice of the Federal Bank of Germany< In order to control the overnight market interest rate and imply its basic position of monetary policy, the ECB has set up the deposit and loan facility. Under this facility, the ECB can provide or absorb liquidity to the market, so that the market interest rate does not exceed the pre-determined range of the central bank, that is, the upper limit is the loan facility interest rate (similar to Bundesbank's Lombard interest rate), the lower limit is the deposit facility interest rate (similar to Bundesbank's discount rate), and the repo rate is between the two. In Germany, the interest rate and interest rate structure of short-term deposits and loans often change with the change of discount rate and Lombard interest rate, and are interrelated with the liquidity policy of the federal bank. When the liquidity of money market is very tight, the interest rate of deposit convenience is far lower than that of money market (such as repo rate), Then the spontaneous connection between the main bank interest rate and the deposit convenience interest rate will make the upward trend of the money market interest rate can only be graally transmitted through the bank providing funds to its customers. If the bank does not adapt its interest rate to the general money market conditions and its marginal financing cost, the profit opportunity will be reced, and the bank's loan desire will be reced sooner or later; If it appears
under the condition of modern open economy, a complete monetary policy transmission model of a country includes monetary policy objectives, tools, markets, as well as its participants, transmission carriers and transmission chains (layers). Broadly speaking, it also includes the transmission mechanism and effect with other macroeconomic policies (especially fiscal policy) and monetary policies of other countries. It can be divided into two stages: domestic transmission and international transmission, economic variable transmission and financial institutions, market transmission, financial self-regulation and financial role in the economy. After comprehensive simplification, we get the basic monetary policy transmission model of a country
in this model, we need to explain that: (1) money supply (m) is a preset indicator determined by the central bank, which is expressed as the expected central bank money volume, total money supply or the upper and lower limits of money growth rate, etc 2) Financial market mainly refers to money market and foreign exchange market. With the help of M, the central bank influences the liquidity of funds in the financial market, and then forms a mechanism of monetary policy transmission from market interest rate (I), securities price and exchange rate (E) to domestic proct market and international financial market. The same is true of monetary policy transmission from other countries to their own countries 3) Other macroeconomic policy adjustments and factor price changes may partially enhance or offset the transmission effect of monetary policy. Therefore, the construction of policy collocation and mutual transmission mechanism is very important 4) International Trade (b) is a bridge linking domestic and international proct markets. M. The changes of I, e and B will eventually achieve the balance of internal and external supply and demand of a country's financial assets and physical assets, and the transmission effect of monetary policy will be completed
monetary union is the proct of international economic integration. If we assume that the economic cycle of the countries in the alliance is consistent, the financial market is fully integrated, the factor market has sufficient liquidity, and the exogenous variables that affect the proct market, such as fiscal policy and employment policy, are unified, then the transmission of monetary policy among the countries in the alliance can be regarded as an expanded domestic transmission of monetary policy. Its conction mechanism is the same as the latter. But the above conditions are not fully met in reality. The analysis of the transmission mechanism of monetary policy is more complicated
different from one country's monetary policy transmission, the following are: (1) the degree of economic integration and financial liberalization of each member country is the most important variable and basic starting point affecting the transmission effect of the Union's unified monetary policy, as mentioned above 2) The independence, transparency and coordination of the unified central bank system are the key to the realization of the unified monetary monitoring indicators m and I 3) In the process of financial market integration of the countries in the alliance, the differences of nominal I, e and real I, E among countries under the unified monetary policy are affected by the inconsistent changes of exogenous variables such as inflation rate, unemployment rate, economic growth rate, factor liquidity and incomplete information, Then there may be regional structural imbalance of money supply and demand caused by money flow and currency substitution. Therefore, a restraint mechanism should be established in the transmission of monetary policy to make up or offset this defect 4) In accordance with (3), the primary or ultimate goal of the unified central bank system is and can only be to maintain the stability of currency value. Other macroeconomic policies, such as economic growth, full employment, balance of payments, etc., need to be completed by other institutions of the alliance or the governments of member States. In terms of strengthening the effectiveness of monetary policy and "the overall interests of the union are above everything", if a country's macroeconomic policy and the monetary policy of the union can not effectively cooperate, it will either withdraw from the monetary union or compromise to the unified monetary policy
in view of this, the monetary integration of the European Economic and Monetary Union (EMU) is accompanied by the in-depth development of economic integration, and the monetary policies of the member countries have also experienced the transmission process from domestic to international, from part to the whole, initially realizing the conditions of unified monetary policy transmission, such as the establishment of the European monetary system (EMS) in 1979, with the formation of the European monetary unit (ECU) as the core, The regional adjustable fixed exchange rate system with ERM as the main body and credit system as the auxiliary means lays the foundation for the establishment of EMU; The 1989 Delors report emphasized the free exchange of currencies, the complete liberalization of capital markets and the integration of financial markets in all member countries; The Maastricht Treaty in 1992 formally put forward the construction process of EMU and the idea of introcing the single currency euro; After implementation, in the first stage (1990.7.1-1993.12.31), the European unified market was launched, and the European Union (EU) replaced the European community. The horse treaty, which aims to promote the coordination and convergence of economic, monetary and fiscal policies of EU countries, came into effect, the constitution of the European Central Bank was issued, and the EMS was further strengthened; In the second stage (1994.1.1 ~ 1998.12.31), the European Monetary Office (EMI) was established. Based on the overall monetary situation of the European Union, the upper and lower limits of the growth of money supply (M3) were announced every year, so as to monitor and coordinate the monetary policies of the member states. The narrow fluctuation of EMS exchange rate operation narrowed again; In March 1998, the Executive Committee of the European Union announced that the 11 member states of the European Union have reached the condition of implementing a single currency. The euro can be started on January 1, 1999 (the third stage starts and the European monetary integration is completed on June 30, 2002), and the permanent fixed exchange rate system will be implemented in the euro area to realize the "three unification" of currency, monetary policy and central bank; The ECB is in charge of currency issuing power and decision-making power of monetary policy. NCBs participate in and implement the decision-making of ECB monetary policy, decide their own business policies, and manage foreign exchange reserves according to the instructions of ECB. The transmission mechanism of the European Central Bank's unified monetary policy has taken shape< Second, from the perspective of the Bundesbank, the transmission mechanism of monetary policy of the European Central Bank (ECB) is analyzed It is helpful to analyze the monetary policy transmission mechanism of the European Central Bank by understanding the characteristics of the monetary policy transmission of the Bundesbank
generally speaking, the monetary policy of the Bundesbank mainly changes the liquidity of banks by monitoring the money supply m3, coordinating the use of the three monetary policy tools, and indirectly affects the credit policy of banks and the demand for money and credit of the German economy through the interest rate mechanism of the financial market, and finally focuses on the decisions of expenditure and prices in the economy. This transmission mechanism is mainly restricted by the monetary expansion mechanism of credit institutions, the minimum reserve in Germany and the characteristics of refinancing system. Because the credit monetary expansion of the whole banking system will inevitably proce inelastic demand and lag effect on the central bank's money in the short term, the federal bank can rely on its dominant position in the central bank's money supply, and use the disposable tools to adjust the interest rate and the demand conditions of the money market, so as to make it consistent with the monetary target. Firstly, it changes the interest rate of its own refinancing transactions and open market business. Secondly, it chooses the best channel to provide or extract deposits from the central bank, and decides the time to intervene in the money market and the range to provide liquidity in the money market. Through the management of money market liquidity, the federal bank exerts indirect influence on the credit and capital market conditions, so as to influence the bank's loan desire in the predetermined direction for a long time, as well as the economy's demand for money and credit, so as to make the monetary expansion adapt to its monetary growth target. Combined with long-term and short-term adjustment, the federal bank often uses foreign exchange swap and foreign exchange repo transactions to "fine tune" the money market and resist the unpredictable fluctuations of credit institutions' deposits in the central bank ring the period of monthly minimum reserve deposit by absorbing and providing liquidity. Therefore, the transmission effect of monetary policy is consolidated
as the ECB and the Bundesbank are in the same line, their monetary policy transmission mechanism has rules to follow, especially in the highly relevant and comparable use of their monetary policy tools, thus clarifying the core of the ECB's monetary policy transmission mechanism liquidity management and interest rate mechanism< Open market operation is the most important monetary policy tool of the two banks. Its purpose is to guide the market interest rate, manage the market liquidity and transmit signals for the guidance of monetary policy, so as to control the money supply. The operation is mainly in the form of securities repurchase agreement. Its essence is that the central bank provides short-term funds to commercial banks with financial securities as collateral. From the experience of the federal bank, it has adapted to the needs of the German money market and capital market, which are more closely linked with foreign markets, so that it can respond quickly to financial changes and take measures with different intensity. The level and structure of the money market are largely determined by the liquidity and interest rate structure of the transaction, and can influence the fixed deposit interest rate through the money market interest rate, and then the marginal cost of the bank's capital from the non banking sector. In addition, the offer and price seeking of open market interest rate in the form of repurchase agreement also have psychological signal effect, and the central bank can use them to influence the interest rate expectation in the market
in the operational framework of the ECB, open market operations are mainly organized and implemented by NCBs, but their applicable conditions (such as repo rate) are uniformly formulated by the ECB. This means that the ECB sets the basis for the level of money market interest rates across the eurozone
in addition to short-term financing mainly through repurchase agreements, ECB can also carry out long-term financing operation, fine-tuning operation and structural operation in the open market through direct trading, issuing bonds, foreign currency swap and absorbing time deposits. Direct transaction means that ECB directly affects the deposit interest rate of banks by selling money market bills to non bank sectors and using price competition mechanism. Foreign exchange swap is carried out under the prevailing market interest rate, which generally has no direct impact on the exchange rate except for the liquidity. The effectiveness of the above operation has been confirmed by the operation practice of the Federal Bank of Germany< In order to control the overnight market interest rate and imply its basic position of monetary policy, the ECB has set up the deposit and loan facility. Under this facility, the ECB can provide or absorb liquidity to the market, so that the market interest rate does not exceed the pre-determined range of the central bank, that is, the upper limit is the loan facility interest rate (similar to Bundesbank's Lombard interest rate), the lower limit is the deposit facility interest rate (similar to Bundesbank's discount rate), and the repo rate is between the two. In Germany, the interest rate and interest rate structure of short-term deposits and loans often change with the change of discount rate and Lombard interest rate, and are interrelated with the liquidity policy of the federal bank. When the liquidity of money market is very tight, the interest rate of deposit convenience is far lower than that of money market (such as repo rate), Then the spontaneous connection between the main bank interest rate and the deposit convenience interest rate will make the upward trend of the money market interest rate can only be graally transmitted through the bank providing funds to its customers. If the bank does not adapt its interest rate to the general money market conditions and its marginal financing cost, the profit opportunity will be reced, and the bank's loan desire will be reced sooner or later; If it appears
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