بحران بدهی های مستقل منطقه یورو و نقش سیاست پولی بانک مرکزی اروپا

Against the background of the economic and financial crisis, public finances severely deteriorated in many EMU Member States and a new crisis, of sovereign debt, emerged. Considering ECB's recognized responsibility for ensuring overall financial stability, our paper shortly overviews the main monetary policy measures it adopted since May 2010, proving the vital roleof ECB's interventionin countering the effects of the sovereigndebt crisis. The added value of our work mainly results from the coherent analysis of the interconnections between sovereign crisis, banking crisis and the real sector of the economy, as determinants for ECB's intervention, as well as from highlighting the potential risks entailed by ECB's actions over the medium and long term.

The cyclical effects of the economic downturn on public revenues and expenditures and the discretionary fiscal stimulus measures led, in many countries, to significant budget balance deterioration and increasing public debt over the sustainable level. In some countries, like Greece or Italy, this added to some already existing budgetary vulnerabilities, reflected in high budget deficits and public debt prior to the crisis. Thus, to the initial financial and economic crisis, which seemed to be overpassed at a time, followed a new, sovereign debt crisis, perhaps with even more serious effects on the Euro area financial and macroeconomic stability.Against the new economic and financial background, debates intensified within the academic and banking community on defining the role that ECB should have in supporting for fiscal consolidation, also taking into account its main objective of ensuring and maintaining price stability in EMU, as well as the potential existence of conflicts between the two paths. In fact, it was generally admitted the need for ECB to intervene, provided that its fundamental objective is not jeopardized over the medium and long term.Our work follows three main directions. The first part deals with the methodological issues and offers a short review of existing literature, in order to high light the place of our research. The second part of the study aims to highlight the interconnections between government debt and banking sector crises, pointing out the risks for the manifestation of a systemic crisis in the euro area The last part of the paper reviews the measures adopted by ECB in order to limit the impact of the sovereign debt crisis on the banking sector and thus on the supply of credit to companies and households, but also the potential risks entailed by these measures, over the medium and long term.

As theory stipulates, unsustainable public finances sometimes resulting in severe sovereign debt crisis can have major negative effects on banking sector and overall financial stability, correlation reiterated during the recent Eurozone sovereign debt crisis.Responsible for ensuring financial stability, ECB strongly and quickly reacted, by unprecedented and sizeable actions, which had a crucial role in preventing the collapse of the financial system and mitigatingthe effects of the crisis on the real economy and the stability of prices.The 768 Angela Roman and Irina Bilan / Procedia Economics and Finance 3 ( 2012 ) 763 – 768 sovereign debt crisis, in order to ensure the sustainability of public finances, the stability of prices and broader financial stability.The added value of our work mainly results from the analysis of the intercorrelations between sovereign debt crisis, banking crisis and the real sector of the economy, as determinants intervention in light of its responsibility for ensuring broader financial stability and the stability of prices, as well as from highlighting As future research directions, we intend to evaluate the efficiency of the monetary policy measures adopted by ECB for countering the effects of the crisis, on EMU Member States financial markets and real economy.