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Legal Aspects of the Single Monetary Policy in the Euro Area: From the Establishment of the Eurosystem to the Current Pandemic Crisis

The present University notes contain a brief presentation and analysis of the legal framework governing the single monetary policy in the euro area, as this developed from the establishment of the Eurosystem until today. It is structured in four Sections: 
 
Section A deals with the definition of the single monetary policy in the Eurosystem after a brief presentation of the notions of monetary system and (conventional and unconventional) monetary policy. Particular emphasis is given to the definition of price stability in the euro area. The legal framework governing the implementation of the single monetary policy is discussed in Section B. In this respect, the instruments for the implementation of monetary policy (i.e., open market operations, standing facilities and minimum reserves), the eligible counterparties and the assets eligible as collateral in the Eurosystem are discussed in turn. 
 
The focus in Section C is on the implementation of the single monetary policy following the recent (2007-2009) global financial crisis (GFC) and the subsequent fiscal crisis in the euro area, discussing in detail the ECB asset purchase programmes (APPs) and the programme for targeted longer-term refinancing operations (TLTROs). Section D reviews then the developments relating to the implementation of the single monetary policy since the outbreak of the current pandemic crisis, discussing, inter alia, the pandemic emergency longer-term refinancing operations (PELTROs), the Pandemic Emergency Purchase Programme (PEPP) and the amendments introduced to other APPs. 
 
Finally, the Excursus at the end of the notes briefly presents the newly introduced euro short-term rate (€STR). It is noted that Tables 5 and 6 present (respectively) the evolution of the Eurosystem’s consolidated balance sheet during the period 2007-2017, to highlight the impact of the measures taken after the 2007-2009 GFC and the subsequent euro area fiscal crisis, as well as during the period December 2019 – March 2021 to show the impact of the measures taken amidst the pandemic crisis.