Jasmina Labudović Stanković, LLD *
EUROPEAN CENTRAL BANK INSTRUMENTS AND EUROZONE CRISIS
Summary
After a short presentation of the of monetary policy instruments of the European Central Bank, the author speaks about use of outright monetary transactions (OMT program) in the context of resolving the crisis in the Eurozone. Using the OMT program, the Constitutional Court of Germany is characterized in such a way that the ECB go beyond the scope of their powers, and that is not instrument of monetary, but the economic policy of the EU. On the other hand, the author deals with the analysis of the causes of the Eurozone crisis. The author explains that one of the causes of the crisis is the lack of conditions for the formation of a Optimum Currency Area. In addition, the eruption of the crisis have contributed to other factors, such as over-indebtedness of the countries, overflow of capital from poor to rich countries, the inability of the euro to facilitate adjustment to asymmetric shocks (changes that affect a country different from the other country), but also concept of neoliberal economy.
Key words: monetary policy instruments, OMT program, monetary policy, the European Central Bank, Eurozone crisis