The effect of European Union energy dependency on price stability: has the ECB the mandate to intervene?

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dc.contributor.advisorKyrychenko, Olexiy
dc.contributor.authorRookhuijzen van, Thomas
dc.date.issued2023-08-04
dc.description.abstractThis study investigates the effect of energy dependency on price stability and examines whether and how the European Central Bank (ECB) could contribute to the energy dependency reduction objective by implementing specific monetary policy tools. Article 127 (1) of the Treaty on the Functioning of the European Union explicitly defines price stability as the primary objective of the European System of Central Banks. However, if there would be any indication that European energy dependency is a driver of European price instability, then it could be argued that ECB is legitimised to pursue the energy dependency reduction objective. This study used a sample of 20 Euro area countries comprising 440 country-year observations covering the period from 2000-2021 to research the relationship between energy dependency and price stability. This study found no support for a relationship between energy dependency and price stability. Therefore, the ECB is not legitimised to pursue the energy dependency reduction objective within their primary mandate of price stability. Public debate should find out whether the ECB should be legitimised to pursue the energy dependency reduction objective within the interpretation of any secondary ECB mandates.
dc.identifier.urihttps://theses.ubn.ru.nl/handle/123456789/15063
dc.language.isoen
dc.thesis.facultyFaculteit der Managementwetenschappen
dc.thesis.specialisationspecialisations::Faculteit der Managementwetenschappen::Master Economics::Corporate Finance & Control
dc.thesis.studyprogrammestudyprogrammes::Faculteit der Managementwetenschappen::Master Economics
dc.thesis.typeMaster
dc.titleThe effect of European Union energy dependency on price stability: has the ECB the mandate to intervene?

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