ECB AND ITS UNCONVENTIONAL MONETARY POLICY FROM GLOBAL FINANCIAL CRISIS TO PANDEMIC CRISIS

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Author: Gergana Mihaylova - Borisova (University of National and World Economy)

Keywords: ECB, monetary policy, non-conventional measures, inflation

The study aims to answer the question of the extent to the European central bank succeed to meet the challenges of crisis processes from the international financial crisis in 2008 to the health crisis in 2020. The main instruments of the ECB's non-traditional monetary policy are presented. Analyzing the data on inflation, economic growth, exports of goods and services, employment and unemployment rates, the changes in loans provided by banks to non-financial enterprises and households, it is proved that the European Central Bank has managed to take timely action and realizes its ultimate goals. Thanks to all four packages of unconventional monetary policy measures, it achieves price stability at relatively low unemployment rates, as well as high growth rates of loans to economic agents in the euro area.