Avrupa Merkez Bankası’nın Finansal Krizdeki Rolü

Year 2012, Volume: 1 Issue: 1, 163 - 174, 13.08.2014

Esra Kılcı

Abstract

2007 yılı sonlarında başlayan global finansal krizle birlikte, para politikası birçok zorlukla karşılaşmıştır. Finansal kriz, özellikle parasal aktarım mekanizmasında istikrarsızlık yaratarak para politikasının yürütülmesini zorlaştırmıştır. Ayrıca,
parasal birlik içerisinde, üye ülkeler arasındaki farklılıklar, belirsizlik ve karışıklığın artmasına neden olmuştur.
Avrupa Merkez Bankası’nı da içeren birçok merkez bankası finansal piyasaların sağlıklı bir şekilde işlemesini desteklemek üzere geleneksel ve geleneksel olmayan önlemler uygulamaya koymuşlardır.
AMB tarafından yürütülen geleneksel olmayan önlemler, bankalara limitsiz
fon desteğinin sağlanması, kabul edilebilir teminat listesinin genişletilmesi, teminatlı bonoların kesin alımlarının yapılması ve menkul kıymet piyasaları programı
aracılığıyla, Euro bölgesinde yapılan müdahalelerden oluşmaktadır.
Bu çalışmanın amacı, Amerika’da konut balonunun patlamasını takip eden
sub-prime krizi ve hala etkisini sürdüren ülke borç krizini içeren küresel finansal
krizi ve özellikle AMB’nin krizdeki rolünü incelemektir.

Keywords

Finansal Kriz, Avrupa Merkez Bankası, Ülke Borç Krizi

The Role of European Central Bank in Financial Crises

Abstract

From the start of the crisis in summer 2007, monetary policy has faced a number of challenges. The financial crisis has complicated the implementation of monetary policy, in particular by creating instability in the transmission mechanism.
And, within a monetary union, differences between member countries have added
to the uncertainty and complexity. Many central banks, including the ECB, have put into effect not only conventional measures, in particular the key interest rate at which liquidity is injected
into the system, but also unconventional measures to support the functioning of
financial markets.
The unconventional measures, which have been maintained by the ECB and
called non-standard, comprised; the provision of unlimited funding support to
banks, extension of the list of eligible collateral, outright purchases of covered
bonds and interventions in the euro area debt securities markets through the “Securities Markets Programme”. The goal is to remedy the malfunctioning of the
money market connected to the increase in the counterparty risk premium that
has led to a substantial decrease in volume and liquidity.
The purpose of this paper is to mention the global financial crisis which consists of two episodes; sub-prime crisis that followed the collapse of the housing
bubble in the USA and the sovereign debt crisis which still keeps the effectiveness
and predominantly to discuss the role of European Central Bank in the crisis.

Keywords

Financial Crisis, European Central Bank, Sovereign Debt Crisis

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