The European Central Bank in Resolving the Euro Area Debt Crisis (Part II)

The model of the European Monetary Union based on the transfer of competences of the Member States to the independent ECB in the monetary area while maintaining national sovereignty in the fiscal area revealed its weaknesses after the outbreak of the global economic and financial crisis in 2007-2008. Following Euro area debt crisis and the crisis in the banking sector led on the one hand to stronger coordination of economic governance of the EMU, and on the other hand, addressed persistent problems ECB plays an increasingly important role. The aim of the article is to contribute to the analysis of the ECB functioning during the Euro area debt crisis, taking into account the aspects arising from the banking crisis. From this perspective the article examines the status of the ECB in the EMU, the impact of the crisis on its functioning, and points to the expected increase in the ECB's role in solving the current crisis in the Euro area.