O11 - Macroeconomic Analyses of Economic DevelopmentNávrat zpět

The economic crisis has revealed the existence of significant and long persisting external and internal macroeconomic imbalances in European countries. The aim of the article is to evaluate the development of internal macroeconomic imbalances in 28 European countries in the course of the years 2004 - 2013, and to show whether this development is depend on the acquired degree of economic integration (common market, monetary union). Internal macroeconomic imbalances were defined on the basis of Macroeconomic Imbalances Procedures (MIP) Scoreboard. On the basis of the evaluation of the individual indicators development, it is possible to say that from the year 2008 the overall development of internal macroeconomic imbalances was disproportional and at the same time the countries of Eurozone showed higher proportion of countries with imbalances in all the monitored indicators. A significant difference was detected in the indicators of loan /credit flow in the private sector, the debt of the private sector and the indicators of public debt. The conclusions arrived at also do not support the Hypothesis of Integration Process Endogeneity.

A brief look in the history shows that there were many different concepts for monetary policy making that have got asserted in the past. Among the features that distinguished one from another were mainly the settings of the main target of the monetary policy and the selection of instruments for their fulfilment. Different approaches of the central banks to the definition of the main target or the anchor of the monetary policy were applied. In the post-war decades, the most common approach used was making the monetary policy not public and application of the fixed exchange rate. In the following decades it was at first targeting of monetary aggregates that got well established, later followed by targeting of inflation. The main goal of this article is to analyze the role and function of monetary policy in smoothing of the economic cycle. Among the partial targets of the article is assessment of strong and weak points of alternative monetary policy concepts and reasoning of the possible changes in monetary policy settings in the following era.