Purpose of the monetary policy of the central banks of the EU participating countries

Abstract

The scientific article is devoted to the study of the purpose of monetary policy of the central banks of the EU member states. The legislation of the European Union, the member states of the European Union (Germany, France, Poland, the Czech Republic, Spain), as well as the United Kingdom, which left the EU, modern approaches in the science of constitutional and administrative law to determine the monetary policy of central banks EU members. The concept of the purpose of the monetary policy of the Central Banks of the EU member states, the activities and instruments of monetary policy, the functions of the central bank of the EU member state are distinguished. Emphasis is placed on the following regulatory functions of central banks that exist in legal doctrine: 1) management of aggregate money turnover; 2) regulation of the monetary sphere; 3) regulation of supply and demand for credit. The focus is on the fact that the central banks of the EU member states support purchasing power, as well as on the well-known fact: inflation - the slope of financial policy is recognized in economic theory as the most effective. Ensuring the stability of the currency (conducting open market operations or establishing exchange rate policies or reserve requirements, etc.) is a function of the central bank of the state, not the purpose of its activities. The stability of the national unit is also a function of the central bank of the state. It is established that the main purpose of the monetary policy of the central banks of the EU member states is to ensure price stability. In addition, it is argued that this is the inflationary - inclination of financial policy is the most effective. Accounting policy, interest rate policy, regulation of reserve requirements, money supply, open market operations and credit operations, interest rates, reserve requirements of banks are the activities and instruments of monetary policy of central banks. members of the EU, not the purpose of monetary policy.