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Effectively, the ECB used both traditional and nontraditional monetary policy tools and measures. The ECB lowered the key policy interest rate, in April 2010 from 1% to a remarkably low rate of 0.75% in July 2012, [4] and reduced the minimum reserve requirements from 2% to 1% in December 2011. [5]
On 3 May 1998, at the European Council in Brussels, the 11 initial countries that will participate in the third stage from 1 January 1999 are selected. On 1 June 1998, the European Central Bank (ECB) is created, and on 31 December 1998, the conversion rates between the 11 participating national currencies and the euro are established.
The question of supervising the European banking system arose long before the financial crisis of 2007-2008.Shortly after the creation of the monetary union in 1999, a number of observers and policy-makers warned that the new monetary architecture would be incomplete, and therefore fragile, without at least some coordination of supervisory policies among euro members.
The process of decision-making in the Eurosystem is centralized through the decision-making bodies of the ECB, namely the Governing Council and the Executive Board. As long as there are EU member states which have not adopted the euro , a third decision-making body, the General Council, shall also exist.
Wim Duisenberg, first President of the ECB. The European Central Bank is the de facto successor of the European Monetary Institute (EMI). [7] The EMI was established at the start of the second stage of the EU's Economic and Monetary Union (EMU) to handle the transitional issues of states adopting the euro and prepare for the creation of the ECB and European System of Central Banks (ESCB). [7]
The term Troika has been widely used in Greece, Cyprus (Greek: τρόικα), [1] [2] Ireland, [3] Portugal, [4] and Spain [5] to refer to the consortium of the European Commission, the European Central Bank and the International Monetary Fund that provided a bailout to these states since 2010, and the financial measures and government policies that the three institutions have demanded to be ...
In July 2011, European leaders agreed to cut the interest rate that Ireland was paying on its EU/IMF bailout loan from around 6% to between 3.5% and 4% and to double the loan time to 15 years. The move was expected to save the country between 600 and 700 million euros per year. [ 129 ]
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