@article{article_331576, title={Non-Standard Monetary Policies Implemented By The European Central Bank After The Financial Crisis}, journal={Öneri Dergisi}, volume={12}, pages={81–105}, year={2017}, DOI={10.14783/maruoneri.vi.331576}, author={Filiz Baştürk, Meryem}, keywords={Non-standard Monetary Policy,The European Central Bank}, abstract={<p>The financial crisis which began in the U.S. in 2007 influenced all economies on a global scale following </p> <p>the collapse of Lehman Brothers in September 2008. As a response to the crisis, central banks </p> <p>started to implement non-standard monetary policy tools as well as short-term interest rates also </p> <p>known as standard policy tools in order to help monetary policy transmission channels work effectively. </p> <p>The European Central Bank (ECB) implemented non-standard monetary policies as in addition </p> <p>to the standard policy tools during this period. The non-standard monetary policies introduced </p> <p>by the ECB were different from those implemented by other central banks (Fed, Bank of England) in </p> <p>terms of implementation and results. Firstly, the policies of the ECB were not specific to one single </p> <p>country. Secondly, the banking system was the major source of finance in Europe, which had an impact </p> <p>on the policies. In this regard, the ECB introduced a policy of enhanced credit support consisting </p> <p>of five main elements in order to maintain price stability over the medium term following the crisis. </p> <p>By 2010, public debt in some member countries of the European Union reached high levels, requiring </p> <p>them to take additional measures. The Securities Markets Programme was introduced to that end. </p> <p>Initially focusing on the debt securities of Greece, Ireland, and Portugal, the Securities Markets Programme </p> <p>was expanded in August 2011 to cover the debt securities of Italy and Spain. In addition, two </p> <p>Long-term Refinancing Operations (LTROs) were introduced. This article presents a descriptive analysis </p> <p>of the non-standard monetary policy tools introduced by the ECB following the financial crisis. </p> <p>However, the monetary policy implemented in the Euro zone is not specific to one single country, and </p> <p>every country has a different financial structure, both of which limit the effectiveness of the policies </p> <p>implemented. The changing structure of the monetary policy implemented in the aftermath of the crisis </p> <p>aims to help the transmission channel work effectively. This depends on countries’ having a strong </p> <p>budget and financial structure as well as an effective monetary policy. Therefore, general economic </p> <p>factors may have complicated impacts on shaping the expected results of the policies when there are </p> <p>various implementations of monetary policies. </p>}, number={48}, publisher={Marmara Üniversitesi}