Analyse économique des instruments indirects de la politique monétaire de la zone euro

Economic analysis of indirect instruments of monetary policy in the euro area

Abstract

The purpose of this article is to present an economic analysis of the indirect instruments of
monetary policy of the European Central Bank (ECB) from 1999 to date. Thus, we carried out a
study of the indirect instruments of the common monetary policy, based on a qualitative and
quantitative analysis of the data extracted from the various official sites of this institution. The first
results show that the effects of monetary policy on inflation, the main objective of the ECB, and on
the economy only materialize after a certain period, because these effects follow several
transmission channels which are slow. , complex and different from one State to another within the
euro zone itself, which makes decisions on single currency policy difficult, especially after the last
financial crisis.