CHANGES IN THE EUROPEAN CENTRAL BANK (ECB) APPROACHES IN MATTERS OF MONETARY POLICY AFTER THE OUTBREAK OF THE INTERNATIONAL FINANCIAL CRISIS

The problem of monetary policy is a current one, given the fact that now, through this component of the economic policy, the monetary authority of each state tries to solve the problems considered essential for each economy separately. Through this article I have tried to capture the major changes regarding the implementation of the ECB's monetary policy before and after the outbreak of the international financial crisis. Following the analysis I have shown that the monetary policy of the ECB is not a constant one in its actions and instruments used but it is adapted to a conjuncture context through which the European economy is passing through. Therefore, in this paper I have broadly shown the instruments used by the ECB for the monetary policy since the year 2005 up to now. I have thus noticed that the optic of the monetary policy has changed after the outbreak of the crisis, trying to contribute to the economic recovery by boosting the lending. Given the highly complex context through which the economy of the Euro area is going through today, challenges for the ECB for the monetary policy are increasing.