Modern monetary policy in the European Union

The work is devoted to the monetary policy carried out by the central banks of the countries of Western Europe from 1970 to 2009. The author traces the process of monetary sphere development in this region and comes to the conclusion that its monetary version proclaiming money stability as the main and long-term goal of state activity in the sphere of money circulation is applicable only for highly developed market economy. The situation is different in countries whose economies have been affected by destructive factors and where major production structure problems are set, while the private sector, because of its financial weakness and low investment activity, can not independently ensure the necessary changes. Here it is advisable to orient monetary policy directly to the objectives of economic development. This recommendation - the author believes - is very relevant for the modern Russian realities, which have much in common with the situation typical of Western Europe from 1970 to the present.