The implementation of the monetary policy by the European Central Bank and its effects in different countries
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Abstract
An earlier article analysed the general lines of the single monetary policy that the European Central Bank be putting into effect as from January 1999, and which aspects would be the ones to determine that the effects of this policy would vary in the different countries comprising the Monetary Union.
In the light of the experience of the first months in the implementation of the monetary policy, it is worth analysing what has happened during this time. To this end, the first part of the article is dedicated to the policy itself, taking into account aspects such as the behaviour of monetary agregates and other macroeconomic variables, the decisions taken, the instruments used and the justification of certain decisions on the part of the ECB. In the second part of the article the policy is studied from a spatial point of view, with special emphasis on the performance of prices in the different countries within the euro zone, the effects of the monetary policy on the said price performance, the case of Spain and the possibilities of a diversified monetary policy today.
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