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Monetary policy as an element of economic policy 5 hrs
a/ The concept of policy mix. The cooperation between a government and a central bank
b/ Independence of a central bank
c/ The functioning of money market (participants, the role of interbank market)
d/ Monetary policy strategies. Rules versus discretion monetary policies
e/ The exchange rate policy specificity
The institutional framework of monetary policy Alternative monetary policy strategies 3 hrs
Policy of monetary targeting
Strategy of direct inflation targeting
Exchange rate targeting
Mixed (eclectic or hybrid) strategies
Leading central banks of the world. Differences in monetary policies conducted by developing/emerging markets and developed countries The central banking of the EU 4 hrs
a/ Mandates of the European System of Central Banks and the Eurosystem
b/ The European financial supervisory architecture
c/ The decisive role of the European Central Bank (ECB)
d/ Decision-making bodies of the ECB
The ECB`s monetary policy strategy 2 hrs
a/ The medium-term orientation of the ECB`s monetary policy
b/ Transmission channels of monetary policy
c/ The notion of price stability
d/ Economic and monetary analyses as two pillars of the ECB`s strategy
e/ Accountability and transparency
The conduct of monetary policy in the European Union 3 hrs
a/ The Eurosystem`s operational framework. Minimum reserves. Open market operations. Standing facilities
b/ Independent policies of non-euro national central banks
The currency integration within the European Union 5 hrs
a/ The legacy of the European Monetary System (1979-1998)
b/ The EU as an optimum currency area
c/ Three stages of the Economic and Monetary Union (EMU)
d/ The expansion of the euro zone. The international role of the single European currency
e/ 2010-2013 a crisis of the euro or the EMU?
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