Foreign Exchange Reserves of Central Banks and European Central Bank as an Important Element of the Concept of Sustainable Development

Abstract

The aim of the article is to analyze the foreign exchange reserves of the European Central Bank in connection with the concept of sustainable development. The concepts of sustainable development are described in literature broadly and, for example, it is worth pointing to international and European concepts for sustainable development. The challenge for the international community has become the need to secure the environment for both present and future generations (implementation of the principle of intergenerational justice). As a result of the study, it was proven that, when implementing the foreign reserve management policy, the European Central Bank and national central banks should pursue the objectives of the current monetary policy for future generations. The interdisciplinary character of the articles implies different research methods: the importance and impact of sustainable development on a given country / region can be analyzed using a variety of methods, including statistical, surveys or dogmatic law. The analysis carried out as part of the study indicates that management of foreign exchange reserves of ECB has impact on the sustainable development and intergenerational justice.