Is Willy Loman A Tragic Character - Free Essay Example

Sample details Pages: 1 Words: 415 Downloads: 2 Date added: 2019/05/31 Category Literature Essay Level High school Tags: Death Of A Salesman Essay Did you like this example? In the play by Arthur Miller, Death of a Salesman, the character Willy Loman is in my view the tragic character. His problems come from the delusions in his mind, his lack of understanding towards his family and the American Dream turning into a nightmare because of his personal flaws. His way of thinking is the biggest flaw, he is always consumed with his own desires and dreams that he is stubborn enough to ignore anything that contradicts his beliefs. He is convinced that by being liked he can gain wealth and through wealth comes the ultimate success. Dont say hes a great man. Willy Loman never made a lot of money. His name was never in the paper. Hes not the finest character that ever lived. But hes a human being, and a terrible thing is happening to him. So attention must be paid. Hes not to be allowed to fall into his grave like an old dog. Attention, attention must finally paid to such a person (Act 1, 40). Don’t waste time! Our writers will create an original "Is Willy Loman A Tragic Character?" essay for you Create order This is relevant to the modern world because every man is trying to find their true self in todays commercialized world. Everyone feels like they should get a break, and that because they think they deserve wealth and have popularity they should be recognized. Although allot of the time hard work isnt being put out rather its the delusion that they are entitled. People need to wake up and realize that everything is not really what it appears to be. Willy is unable to learn from his mistakes and realize where he is causing wrong, when he has an affair with a Woman and Biff discovers his fathers infidelity Willy continues with his dreams disregarding the consequences. Biffrs life is completely destroyed and Willy fails to realize the real reason for his sons failure. He wants pity but he cant even teach his own children how to live successfully (at least they get $20,000 from his insurance). Willy later realizes that he will never amount to the successful businessman he wanted to be, failure after failure, he commits suicide. Willyrs tragedy comes from the misconception of the American Dream. He believed that success came from superficial qualities such as being liked. He chose to become a salesman for social acceptance and lied so much to himself and others, as well as lost sight of the importance of his family. After his death he gains freedom and an escape from his life; this makes him the tragic character.

Essay about Jane Eyre Obstacles and Love - 1457 Words

Jane Eyre Obstacles and love The novel, Jane Eyre, by Charlotte Bronte is a story about a young orphaned girl and her quest for love. Jane, the young girl searches for love and acceptance through each setting; Gateshead, Lowood, Thornfield, Moor House, and Ferndean. Throughout these points in her life, the maturation and identity recognition of Jane becomes visible. It is only when, Jane flees from Rochester and Thornfield, and spends time at Moor House, that her maturation to womanhood is completed. In this moment, Jane is able to come back to Rochester as an independent woman, knowing that she has a desire to love, and to be loved. If we look at the world, through Janes eyes we see that she is a strong girl who wants to†¦show more content†¦People think you a good woman, but you are bad; hard-hearted. YOU are deceitful! (Bronte, 41). With this statement, Jane marks her first step of independence, stating that she will no longer be a secondary member in her aunts house. At Lowood, a school which Jane is sent away to, she is again given the name of an orphaned, low-life, troublesome girl. Mr. Brocklehurst, the head of the school, exposes her, saying This girl, who might be one of Gods own lambs, is a little castaway: not a member of the true flock, but evidently an interloper and an alien. You must be on your guard against her, you must shun her example: if necessary, avoid her company, exclude her from your sports, and shut her out from your converse. -- This girl is --a liar! (Bronte, 78). Even though Jane feels she is back at step zero, she is comforted by her first true friend, Helen Burns, who is another student at Lowood. Helen teaches Jane that love is in the form of religion. When Mr. Brocklehurst, exposes her in front of the school, she tries to accept it and go on. Jane still longs for human affection and is tremendously hurt with this accusation. Jane tells Helen, If other dont love me, I would rather die than live. (Bronte, 81) Helen tells her that she thinks to much of the love of the human beings. Helen has been Janes rock through the first months of Lowood. When Helen, dies from Typhus, she leaves Jane, saying, that I believe: IShow MoreRelatedThe Night Circus by Erin Morgenstern and Jane Eyre by Charlotte Brontà «1395 Words   |  6 Pagesâ€Å"Your task is not to seek for love, but merely to seek to find all the barriers within yourself that you have built against it.† - Jalalad-din-Rumi The Night Circus by Erin Morgenstern and Jane Eyre by Charlotte Brontà «, both show two people that are fated to meet within forbidden circumstances that should have prevented them from being together but causes them to push against the destiny laid out. Night Circus by Morgenstern shows the main characters, Celia Bowen and Marco Alisdair, slowly developRead MoreWuthering Heights and Jane Eyre Essay809 Words   |  4 PagesEmily Bronte and Jane Eyre by Charlotte Bronte countless comparisons of eternal love can be made. Characters within Wuthering Heights and Jane Eyre overcame the constraints society had upon them, what appeared to be their destinies and characters were able to overcome themselves. These obstacles were lengthy struggles that characters within each novel were faced with and went through immense pain all for love. The love that characters felt for each other was able to conquer all obstacles that they wereRead MoreJane Eyre, The Bluest Eye, And Feminism1422 Words   |  6 Pages2015 Jane Eyre, The Bluest Eye, and Feminism Feminism. It’s a big concept in society today, but has it always been that way? Jane Eyre by Charlotte Bronte is a famous work on the basis of her own experiences. In this novel, the author shapes a tough and independent woman who pursues true love and equality. In the Victorian period, the image of Jane Eyre cast a sharp contrast to the man-dominated society. She stands for a new lady who has the courage to fight for her own rights and love. â€Å"TheRead MoreEssay about Finding the Balance of Love and Freedom in Jane Eyre1339 Words   |  6 PagesSimilar to many of the great feministic novels of its time, Jane Eyre purely emerges as a story focused on the quest for love. The novel’s protagonist, Jane, searches not only for the romantic side of love, but ultimately for a sense of self-worth and independence. Set in the overlapping times of the Victorian and Gothic periods, the novel touches upon both women’s supposed rights, and their inner struggle for liber ty. Orphaned at an early age, Jane was born into a modest lifestyle, without any major parentRead MoreThe Pursuit of Human Freedom in Kate Chopin’s The Awakening and Charlotte Brontà «Ã¢â‚¬â„¢s Jane Eyre1749 Words   |  7 PagesIn Kate Chopin’s The Awakening and Charlotte Brontà «Ã¢â‚¬â„¢s Jane Eyre, one of the most prevalent and recurring themes and ideas relates to human freedom. The main characters in the two novels, Edna Pontellier and Jane Eyre, both long for social, religious, and sexual emancipation among other things – freedom from the constraints of Victorian society, which have rendered them dependent and inferior to men. While it is true that both protagonists of their respective novels wanted emancipation, their livingRead MoreJane Eyre s Inner Conflict884 Words   |  4 PagesJane’s Inner Conflict In the novel Jane Eyre, Jane is often taken forced to make life changing decisions. Her decisions not only affect her own life and those around her, but also provide a model of a modern woman who is free from the social expectations for women living in her era. From a young age, Jane was taught the mindset that she must be independent and fight for her place. She was neglected as a child while living at Gateshead and often left to fend for herself. She was frequently lockedRead MoreThe Development of the Gothic Heroine1300 Words   |  6 Pagesparticularly the heroines of Jane Eyre and Wuthering Heights by Charlotte and Emily Brontà « respectively. While gothic fiction is typically remembered for combining the horror and romantic genres, it also contains some of the strongest heroines of 19th century literature. Much of the development done by gothic heroines can be traced into one generalized pattern. The heroine of Jane Eyre and Wuthering Heights, Jane Eyre and Cathy Linton, are no exception to this trend. In order for Jane and Cathy to whollyRead MoreEssay Role of Faith in Charlotte Brontes Jane Eyre708 Words   |  3 PagesFaith in Jane Eyre      Ã‚  Ã‚   In Jane Eyre, Charlotte Brontes inspirational novel, religion is embraced through a series of spiritual explorations. Bronte portrays Janes character and zest for religion by revealing Janes transitions from Gateshead to Lowood, Lowood to Thornfield, and Thornfield to Moor House. Each location plays a significant role in the development of Janes perspective on religion. Jane struggles to acquire true faith in God, which will help her overcome the obstacles of herRead MoreJane Eyre 780 Words   |  4 PagesJane Eyre Theme Essay (rough draft) Independence, the capacity to manage ones own affairs, make one’s own judgments, and provide for one’s self. Jane Eyre herself is a very independent woman. Throughout her life she has depended on very few people for very little. Charlotte Brontà « wants the reader to learn that independence can open many doors of possibilities. Jane in her younger years was practically shunned by everyone and was shown very little love and compassion, from this throughoutRead MoreLiterary Criticism Of Jane Eyre1378 Words   |  6 PagesMrs. Beckis English 3, Period C 5 December 2015 Literary Criticism Essay In her book Jane Eyre, Charlotte Brontà « writes of a fictional tale in which the protagonist, Jane Eyre, overcomes many obstacles, such as dishonesty and social class, in order to marry her love: Mr. Rochester. The Victorian Era is characterized by the great inequality between men and women in terms of societal standing. As a result, Jane is a victim of this ‘norm’ and is directly affected when she is kept in the dark about

Why Music Should Not Be Taken from Our School Day Free Essays

Why Music is Important!!! Why were lullabies invented? They soothe children and calm their reactions to stress. This in turn reduces the stress in the entire family. Over time, children memorize lullabies and start to sing them. We will write a custom essay sample on Why Music Should Not Be Taken from Our School Day or any similar topic only for you Order Now Music is often a huge part of childhood. A toy piano, drums, xylophones and guitars are favorite toys for children. Parents and grandparents should encourage children to experience music. A great way to do this is to provide toy instruments to the children. These don’t have to be expensive. Children can play and enjoy their own music. While they may not develop professional talent, they will gain an understanding of music that will help them relax in the future. As they get older, consider music lessons. Qualified instructors can teach children how to play the piano, a skill that they can use for life. Your child’s school may have a music or band program. Check out all of the available options that will give a musical education to children. There may be an old instrument in the family somewhere. Ask around. Do you have musicians as friends? They may have an unused instrument that they are will to part with. If you are creative, you’ll find an appropriate instrument for you child. With it, they can truly expand their musical abilities. If they are lucky, their school may still have a vibrant musical program that they can join. It’s a sad fact that in these days of budget pressures for schools, early funding victims are often music programs. This is usually due to the lack of perceived direct benefit from music. This is unfortunate because while music students don’t earn sponsorship dollars from their activities, they bring calmness and civility to the school. This is a direct, positive influence on the music students and to those students exposed to the sounds. With the reality of budgets, it is more important than ever that parents advocate for music funding in schools, that they provide musical avenues to their children themselves and that they encourage and support more live performance music where ever it is available in their communities. Musical appreciation comes best through the playing of an instrument to a degree that far surpasses mere listening to iTunes. To give children a chance to calm down, it is important to instill musical appreciation from a young age. Your child doesn’t have to be a musical prodigy, they just have to enjoy music for their own pleasure. Children who love music will often surprise you with their ability. Give them a chance to show what they can do. Keep emphasizing that music is fun. Obviously parents and grandparents support music for children. This lens has been liked over 200 times. It has also received dozens of fabulous comments in the sections below. This is great news. Make sure that you follow through with your support by getting the children involved in music. Talk to them about your passion for music. Find a nice instrument that they want to play. Encourage them to sing. Volunteer to help school music programs. Music as a Career Many children find that they can translate their love of music into a career. This is obviously a difficult, and rare, undertaking. The book â€Å"Outliers† by Malcolm Gladstone says that 10,000 hours of practice are required to become an expert at something. The Beatles did it back in 1964. The â€Å"Fab 4† became rich with their music. Talent is required, but so is dedication. Without encouragement, however, your child is not likely going to work in the music industry. That and luck. If they want to try, beware of the difficulties, but help them. The Internet has completely changed the music industry, although the big publishing companies don’t like to admit it. New artists can publish and promote their own work and be incredibly successful. There are funding opportunities for albums or concert tours. Publishing to the web offers various revenue streams. An incredible demand for new material always exists. Budding performers can get a piece of the action if they have the talent, drive and luck. Justin Bieber did it. There will be more young superstars discovered in the future. !!! Cutting arts programs would be a tremendous loss for every student. Whether you’re naturally more artistic or not, learning how to think creatively is a very important skill. Just focusing on certain subjects for too long can cause boredom and stress. I know that being involved with music helps me relieve the stress of preparing for state testing. But are these examinations really what we should be focusing all our time and energy on? One test can’t express your intelligence or creativity like art can. Music, as well as art, p. . , science, social studies, history, and geography are all important and should be taught to all children, no matter how poorly they are doing, or how poor their families are. For some, it may be the spark that ignites their desire to learn, for others it may set the foundation for them to understand higher thinking skills, for others it may be the reason they stay in school, for others†¦. . Several studies have reported positive associations between music education and increased abilities in non-musical (eg, linguistic, mathematical, and spatial) domains in children. The authors say there are similarities in the way that individuals interpret music and language and â€Å"because neural response to music is a widely distributed system within the brain†¦. it would not be unreasonable to expect that some processing networks for music and language behaviors, namely reading, located in both hemispheres of the brain would overlap. † To see each other through each other’s eyes~ president Obama It teaches us to understand and get to know those who are not like us That sense of belonging, having a healthy perspective on weighty issues and the ability to self-individuate may be never fully realized, even in a lifetime. What is necessary in the microsociety of high school is a sturdy vessel in which to navigate a safe and fulfilling journey to the next transition. In high school, music programs are that vehicle. Our drummer, Paulo Baldi, for instance, lived in three states as a teenager (Colorado, New Mexico and Washington) while attending four different high schools. Joining the marching band in each unfamiliar place helped to connect his high school experience. He made friends through each transition, and it made comfortable what could have otherwise been an alienating experience. Paulo Baldi testifies that, â€Å"Marching band in particular is the savior for people who may or may not be athletic. Marching band is music, memorization, eye-hand coordination and good for your posture. It may hurt to be told your paradiddles suck, but it builds character. It’s a team sport. You create friendships that become your buddies for life. High school music is something focused to do. You don’t have to be great to belong, and members immediately have something in common. † Aside from the social benefits, students in high school music programs have higher test scores and cognitive development. A U. S. Department of Education study found that those who reported consistent involvement in instrumental music over the middle and high school years show significantly higher levels of mathematics proficiency by grade 12. (This observation holds regardless of students’ socioeconomic status. ) Additionally, students who learn to play an instrument develop a greater language capacity and a greater ability to learn a new language. In another context, it is invaluable to gain a wider perspective on cultural history by being exposed to centuries of our rich cultural heritage. Have you Forgotten? Daryll Worthy Where were you when the world stopped turning on that September day? Alen Jackson Lone Star Already there. on the record Exploring America’s orchestras†¦ with Henry Fogel Ifeel that today there is a serious distortion of values in the world – a set of values that puts the short term ahead of the long term, that puts financial achievement ahead of ethical standards, and a set of values that increasingly diminishes the worth of intellectual achievement and of human expression. In fact, when future generations look back and judge the civilizations and societies of the past, it is first and foremost the cultural and artistic achievements of those societies that are spoken of. To be sure, engineering and scientific achievements are a part of the picture of any society – even a major part. But whether it is Homer, Shakespeare, Mozart, Beethoven, Rembrandt, Picasso, James Baldwin, Garcia Lorca, or Leonard Bernstein – the artists and the art they created express the deepest and most profound thoughts of the civilizations in which they lived and worked. And it is the achievements of those artists that, in fact, define civilizations, define humanity. And if we aren’t educating our young people to the standards of those achievements, how can we in fact call it education? So then the question is how can we find common ground – common ground occupied by you in the world of music educators and us in the world of symphony orchestras – to work together to enhance the state of music education in the school systems of America? And that is what I’d like to speak about today. We have actually done much together – some things that all of you might not be aware of. Throughout 2006, the American Symphony Orchestra League led a coalition effort, including collaboration with MENC, to develop a national unified statement regarding the benefits of arts education. This paper is being used on the Hill in Washington this year as an advocacy tool for communicating the benefits of arts education to federal lawmakers as they begin the process of re-authorizing the No Child Left Behind Act. This re-authorization process will be a multi-year effort and has already begun with public and private hearings and town hall meetings. The messages outlined in Arts Education: Creating Student Success in School Work and Life directly communicate the benefits of arts education to policymakers. More than 60 organizations are signatories on this unified statement – and they represent an impressive cross-section of stakeholders in federal education policy. Here is a brief sample of the kind of statement included in that document: A child’s education is not complete unless it includes the arts. In fact, the No Child Left Behind Act lists the arts among the core academic subjects, requiring schools to enable all students to achieve in the arts, and to reap the full benefits of a comprehensive arts education. In spite of this federal direction, access to arts education in our schools is eroding. A report from the Center for Education Policy conclude that, since the enactment of No Child Left Behind, 22% of school districts surveyed have reduced instructional time for art and music†¦. A comprehensive strategy for a complete education includes rigorous, sequential arts instruction in the classroom, as well as participation and learning in available community-based arts programs. Public schools have the responsibility for providing a complete education for all children, meeting the commitment put forth in No Child Left Behind. The federal commitment to arts education must be strengthened so that the arts are implemented as a part of the core curriculum of our nation’s schools and are an integral part of every child’s development. So clearly one way in which we already work together is to collaborate on advocacy, to sound the alarm together, and to lead our society back to a place where arts education is indeed central to education curricula, and not an add-on, or an â€Å"extra frill† to be indulged if there happens to be money left in a budget or time left in a schedule. Another area in which we can work together is to insist on, and help to bring about, meaningful, comprehensive research on the status and quality of arts education in our nation’s schools, and on the impact of arts education on future citizens. Even some of those things that people like to call â€Å"un-measurable,† are, in fact, measurable if you care enough to find the metrics with which to measure them. We know that arts education improves problem-solving abilities, and we know that in particular music education – particularly making music – develops skills in working together with others for a common result in a way that virtually nothing else can. We know it anecdotally, we know it instinctively, we know it deep within our gut. And best of all we know that there is some hard data that can document this. The American Symphony Orchestra League has compiled highlights from this research in our Music Education Advocacy Tools, available at our website. Much of the best evidence is drawn from Arts Education Partnership reports, including Critical Links: Learning in the Arts and Student Academic and Social Development. Nonetheless, we can, and we must, lead to more research that provides even more evidence of the benefits of music education. We can probably do a better job together than we have in collecting, analyzing, and reporting on the considerable data that already exists, as well as bringing about more research. The most urgent need, however, is for good information about the true state of arts education in our schools. We currently are forced to rely on anecdote and spare data to illustrate the music education is being squeezed out as increased attention is given to math, reading, and science. How much arts education is being delivered to our nation’s students, and how are they learning the arts? The U. S. Department of Education has the tools and the responsibility to collect this data, but simply has not made it a priority to do so. A report on the status of arts education is more than two years overdue – this at a time when policymakers are contemplating major changes to the way the federal government supports our public schools. The League is partnering with MENC to urge Congress to compel the U. S. Department of Education to collect this data. Sound information about the status of music education is a crucial underpinning to advocacy efforts at the community level as well. At the state and local levels, orchestras and music educators can partner effectively to advocate for better data in this area. We at the American Symphony Orchestra League are heavily involved with orchestras’ education and community programs, and with youth orchestras throughout America. But we also know and fully appreciate that orchestra programs are not a substitute for professional music teachers in our school systems. The programs that our field operates must, to be effective, work in cooperation and conjunction with in-school programs taught by school-based music teachers. That is the key to meaningful music education. We can be key partners in augmenting and enriching school programs, but we must be seen as supporters of, advocates for, and contributors to, multi-year, sustained, sequential, school-based programs. We are not substitutes for that. There are many orchestras that have deeply embedded partnerships with their local school systems – in communities of all sizes, from New York, Boston San Francisco and Saint Louis, to Mobile, and Kalamazoo. The same is true of community cultural organizations. Youth orchestras and community music schools are part of the fabric of the arts-education community. All have a role to play, but that role is in the context of the main school being at the center. The ideal for a child participating in a community orchestra, or studying at a community music school, is that he or she was inspired to do so because the exposure to and love for music was introduced and sustained in school. These other resources are extensions. In the ideal, these out-of-school opportunities cannot occur only by virtue of family interest, resources, or priorities. We at the League celebrate the growth and vitality of our youth orchestras†¦. full of the energetic, bright, high-achieving young people whom we know are not only the musicians of tomorrow, but also the next generation of teachers, school board members, parents, civic leaders, audience members and arts-education advocates. At the same time, we wonder if this segment of our sector is growing in part because, for the families that value music education the inconsistent presence of strong, sequential school-based music programs is not meeting their expectations for their children. We need strong resources – in school and out of school. Youth orchestras should be supplementing musical experiences in our nation’s schools, not replacing them. Part of the problem that we all face is that much of what we know about the value of the arts, and music in particular, is not easily reduced to numbers, to quantities. And our world is full of people, many of them in positions of power, who love the simplicity of numbers, the black-and-white nature of numbers. When one tries to discuss the humanizing qualities of music to people like that, one is often flummoxed, because they want graphs and charts. â€Å"What do you mean,† they’ll say, â€Å"by music’s power to bridge chasms in human understanding? Document it, please! † Well†¦ I can’t document it with graphs – but every year of my life spent in music makes me more certain of that quality in music. And exhibit A for me is not a chart – it is an orchestra, a very specific orchestra. Many of you may know of it – some of you perhaps don’t. It’s called the West-Eastern Divan Orchestra, and it is now in its seventh year of existence. Founded by Daniel Barenboim, it consists of Arabs, Palestinians, and Israeli Jews – and every year for three or four weeks they live together, eat together, rehearse and perform together. My wife and I were a part of that orchestra from the beginning – and that first year was an experience I shall never forget. Daniel Barenboim, and Yo-Yo Ma working with him, assembled this group of young musicians, ages 17-25, and brought them together in Weimar, Germany. In addition to forming an orchestra, Barenboim and Ma invited them to form chamber music groups which they, Barenboim and Ma, would coach in preparation for a chamber music concert to take place the night before the orchestra concert. There was only one rule – no all Jewish chamber group, and no all Arab/Palestinian group. The resulting chamber music concert was 3 ? ours long – and each group only played one movement, not whole pieces – or it would have gone on forever. To sit there and watch, for instance, a movement from a Brahms Clarinet trio, played by an Egyptian, a, Syrian, and an Israeli was one of the most moving experiences of my life – to see these kids working out musical problems together, leaning into each others’ phrases, and embracing each other while receiving applause – this was a ll the charting and graphing I will ever need to demonstrate what it is that music can do that nothing else can. We know this – you and I and those who are in our fields know this. The question is how can we work together to help the rest of the world to know it – and to get the value, the human value of this art form across to those who determine what we teach our future citizens? I don’t know the answer to that question. But I do know, in our increasingly troubled world with an ever greater need for human understanding across national and religious and cultural lines, the intrinsic value of the art form we all love is more needed than ever. You and we – you who teach music and we who organize into groups that perform it – must work together with renewed energy and vigor to imprint on our society the value, the centrality, of music. America’s orchestras are committed to advocating for better music education in our nation’s schools. Starting from the tradition of stand-alone school concerts and family concerts, orchestras now offer small ensemble performance, residencies, long term partnerships, after-school and summer camps, instrumental instruction and a host of other activities. Inherent in most of these programs are deeply embedded partnerships with local school systems, and responsiveness to local, state, and national arts and academic standards. While these programs provide an opportunity for young people to develop a lifelong relationship with music and the orchestra, none of these is capable of replacing an ongoing sequential K-12 music education. While a comprehensive strategy for music education includes participation and learning in orchestra education programs, schools have the unique capacity to deliver high-quality music education. Edward Elgar set a poem by Arthur O’Shaughnessy in 1912 – it is called The Music Makers. I quote it here for you because it seems so central to what we are all about. â€Å"You shall teach us your song’s new numbers, and things that we dreamed not before: Bring hither your sun and your summers, and renew our world of yore. We are the music makers. And we are the dreamers of dreams. † Thank you. Beautifully said! I wonder if, in the course of gathering data about the current state of music education in public schools, there is any way to compare it with public schools of decades ago. The fact that 22% of districts have reduced art and music instructional time since the enactment of No Child Left Behind is disturbing — but it’s also a comparison that may not hit home for legislators, because they were already long out of school when the baseline of that comparison was happening. On the other hand, a comparison of (say) instructional time, class sizes, curricula, and student participation rates between the present and (pick a year in each of) the 1950s, 60s, and 70s, might really bring home to legislators that things today are not as they remember them from their own school days. It might show how far we’ve gone, in the same way that losing a tiny percentage of forest a year doesn’t feel like much, but hearing that a region has lost half its tree cover since 1950 can be a real eye-opener. It gives students the opportunity to create something beautiful and also to challenge them. Music uses both sides of the brain and uses math all the time!!! Jack Stamp Richard Simmons~ Parents and kids that sweat together live longer together!!! Childhood Obesity: Quality Physical Education as a Solution How to cite Why Music Should Not Be Taken from Our School Day, Papers

Evaluation of The Monetary Policy Stabilizing The Euro Currency

Question: Describe about the Evaluation of The Monetary Policy for Stabilizing The Euro Currency. Answer: Introduction The European central bank is a part of the euro system and is responsible for maintain and framing and implementing the euro system monetary and economic policy. The European central bank has the responsibility of area comprising of twelve various countries having different economic and cultural background. The main and primary objective of ECB is to maintain the price stability so that the purchasing power of the single currency is preserved. The mission of the central bank of Europe is to safeguard the value of euro and maintaining the price stability and thus serving the people of Europe (Oldani 2012). The ECB contributes to the banking system in terms of its soundness and safety. Specific tasks are carried out by the central bank in various areas such as macroprudential policy, bank notes, financial stability and banking supervision including the international cooperation. The bank is primarily held accountable for the representation of the European citizens. As such, its primary responsibility is the financial welfare of the European citizens in the country . Therefore, it is necessary that the transparent and the honest financial policies to prevent any discrepancy and threats that can harm the financial condition of the business entity. The framework of the ECB has faced substantial changes due to the transfer of the monitory policy at the community level (Belke and Volz 2015). The European central bank works with all European Union countries national banks. The cooperation between the central banks leads to the creation of the Euro system. It comprises of the three governing bodies and this includes Governing council, General council and the Executive board (Albu et al. 2014). The role of the Governing council is to define the monetary policy of Euro zone and is responsible for fixing the interest rate that is the lending rate of the commercial banks from the European Central bank. The General council contributes to the coordination of work, advise and prepare the new countries in joining the euro (Alessi et al. 2014). The executive board is responsible for implementing the monetary policies and it has power, which is exercised due to the delegation by the Government council. The day to day operations is managed by the executive board and is responsible for preparing the meeting of the Government council (Cassola and Koulischer 2014). The strategies followed by ECB in maintain the price stability comes from the monetary policy and it is based on the quantitative definition of the same. The policy is then channeled through the transmission mechanism to the real economy (Allard et al. 2013). The monitory policy intentions and the interest rates are steered through a set of procedures and instruments such as standing facilities, open market operations, deposit facilities, and maintaining minimum reserve requirement (Aysan et al. 2014). The bank has conducted the monetary policy using the standards measures from the very beginning when it came into existence until the time of global crisis. On the other hand, the non-standard measures used by the ECB include program related to securities market, outright monetary transactions and the program of purchasing assets (Bauer and Neely 2014). However, such non-standard measures faced criticism along with the praise that it received. The bank has the authority of producing th e euro banknotes. It is also responsible for managing the foreign currencies reserves of Eurozones and also balances the exchange rates by intervening in the selling and buying of the currencies so as to stabilize the home currency (Allard et al. 2013). The framework of European Central Bank and Euro system The European Union is a common economic and monetary union and the responsibility of the monetary policy with the European System of Central Banks (ESCB) and the European Central Bank (ECB). The basis of the common monetary policy is laid down in the Treaty of European Union and the statue of European System of Central Banks and of the European Central (Belke and Volz 2015). The formal aspect of the ECBS has two levels the European Central Bank and the national central banks of the member states and this together constitutes the euro system. The functioning of Euro system is governed by the principles of decentralized execution of monetary policy (Bennani and Neuenkirch 2015). The European Central Bank is responsible for coordinating the operations and the National Central Banks are responsible for carrying out the transaction like providing funds to the bank, settlement of payments and management of foreign reserve operation (Burda and Wyplosz 2012). Objectives of the Euro system The Euro System constitutes both the European Central bank and the national central banks of the member states (Campiglio 2016). The primary objective of the Euro system is to maintain price stability. To attain this objective the European Central Bank and the associated national central banks supports the general economic policy for sustainable development of Europe based on the equitable economic growth and stability of the price (Carpenter et al. 2014). Task of the European Central Bank euro system The responsibility of the European Central bank along and the overall Euro system are the following (Carpenter et al. 2013): Understanding and implementing the monetary policy; Monitoring and conducting of foreign exchange operation; Management of the euro area foreign currency reserves; Implementing the smooth operation of payment system across Europe; In addition to this European Central Bank is also responsible for supervision of banking system, bank notes, statistics and financial stability along with the international and European cooperation (Cassola and Koulischer 2014). The Monetary policy of European Central Bank The primary objective of the European Central Bank is to maintain price stability and it is the single most important monetary policy for which it exists. In order to achieve this objective the implementation of ECBs monetary policy is depended on two pillars (Chen et al. 2012). The first pillar is the monetary policy strategy and the second pillar is the operational framework. The monetary policy strategy determines the level of interest that is required to maintain price stability over the medium term (Claeys et al. 2014). The operational framework is the instruments and procedures that European Central Bank uses to achieve its desired rate of interest (De Haan and Eijffinger 2012). The ECBs monetary policy strategy ECB follows a strategy of analyzing the risk in the euro zone with respect to price stability. The strategy includes a quantitative analysis of price stability along with the economic and the monetary analysis of risk to price stability in the region (Dincer and Eichengreen 2013). These are the two main elements that provide the ECB with the framework for assessment of information and decision-making (gert and KoÄ enda 2014). Price Stability It is the primary objective of the European Central Bank but it is not specifically stated in the treaties. Therefore, to obtain clarity the ECB has decided to define the price stability quantitavely (Fiore and Tristani 2013). In definition, it provides that its aim is to maintain inflation below or close to 2% in medium terms. The definition has helped to increase the clarity and transparency of the ECBs monetary policy (Galati and Moessner 2013). It aims to maintain the price stability for the medium term. It is justified that the policy focuses on medium term because there is a time lag between formulation of monetary policy and the effect of actual changes in the price level (Goodhart 2014). If the monetary policy were framed for short term then it would create price volatility instead of price stability (Henning 2015). Economic and monetary analysis The monetary policy decision of the European Central Bank is based on the economic and monetary analysis. The economic and monetary analysis both are complementary to each other (Howarth and Hgenauer 2016). The economic analysis focuses on short term whereas the monetary analysis focuses on the medium term. They both act as cross checks to reduce the policy error caused by over reliance on single model (Howarth and Quaglia 2013). Economic Analysis The economic analysis focuses on the assessment of the current economic and financial trends. It also analyses the short to medium term risks that the economic and financial conditions presents for the price stability (Joyce et al. 2012). The main objective of the analysis is to identify the shocks that affect the economy. The analysis are based on the trends in the global economy, development in productions, demand for services and goods, conditions of the labor market and the financial market conditions (Kirkegaard 2014). In addition to this, the ECB also carries out several surveys that provide additional input into the economic analysis (Kuhn and Stoeckel 2014). Monetary Analysis The analysis of the monetary policy focuses on the medium to long term. In this detailed analysis of monetary and credit trends along with the implications for inflation and economic growth are studied (Lane 2012). The Monetary policy instruments of ECB The European Central bank uses various monetary transmission mechanisms through which the monetary policies are channelized to affect the price level and the economy in particular (Merler and Wolff 2013). It is done in two stages the first stage is to change the interest rate which in turn affects the market interest rate, asset prices, exchange rate and the credit situation in general (Moravcsik 2012). The second stage is the affect that changes in the first stage has on the overall spending ability of the households, firms and companies. The main instrument the European Bank has to affect the economy is the official interest rate (Oldani 2012). The rates that are determined by the ECB are the interest rate on main refinancing operations, the rate on the deposit facility and the rate on the marginal lending facility. The ECB has also various introduced non-standard policy measures after the recent financial crisis (Pelizzon et al. 2016). The framework of operation has the following set of instruments open market operations, standing facilities and minimum requirement of reserve to be maintained by the credit institutions (PolaÅ„ski 2016). Open market operations The open market operations perform an important role in steering interest rates, it also helps in managing the liquidity of the market and it signals the stance on monetary policy. Five types of instrument are available in the euro zone for open market operations (Reichlin 2013). The most important instrument among them is the reserve transactions that are conducted in the form of repurchase agreement or as a collateral loan (Schularick and Taylor 2012). The other instruments it uses are outright transactions, debt certificates, fixed term deposits and foreign exchange swaps (Szczerbowicz 2015). The ECB initiates open market operations and it decides the terms and conditions of the instrument. The open market operations are executed based on bilaleteral procedures, standard tenders and quick tenders (Van Rompuy 2012). There are primarily four types of open market operations main refinancing operations, long term refinancing operations, fine-tuning operations and structural operations. The main refinancing operations are liquidity providing transaction conducted by ECB (Wallace et al. 2015). It plays an important part in fulfilling the objectives of the ECB and it is responsible for the largest share of refinancing to the financial sectors. The longer term refinancing has longer maturity time than the main refinancing operations (Welfens 2012). The primary objective of longer term refinancing is to provide additional refinancing for the long-term and to serve other objectives of monetary policy (Friedman 2015). The fine tuning operations have the option to be executed on ad hoc basis so that the liquidity situation in the market could be managed by steering interest rates. This are executed normally through tenders or bilateral procedures (Albu et al. 2014). The structural operations are conducted through reverse transactions, out right transactions and the issue of the debt certificates. Standing facilities The aim of the standing facility is to provide and absorb liquidity, provide a general overview of the monetary policy and to bind market interest rates. There are two standing facilities that are administered by National Central Bank and they are marginal lending facility and deposit facility (Alessi et al. 2014). The marginal lending facilities helps to obtain overnight liquidity from the National Central banks against assets that are eligible. The interest rates on the marginal lending acts as the threshold limit for the overnight market interest rate. The deposit facilities can also be used to make overnight deposits with the National Central Banks (Allard et al. 2013). Minimum Reserves The minimum reserve is the integral aspect of the operational framework of the monetary policy of the euro zone (Aysan et al. 2014). The main purpose of the minimum reserve system is to satisfy the objective of stabilizing the interest rates and to create a shortage in liquidity in a structural manner. The reserves to be maintained by various institutions are determined by the position of their balance sheet (Bauer and Neely 2014). Asset Purchase Programmes The expanded Asset purchase program addresses the risk of prolonged period of low inflation. It consists of public sector purchase program, third covered bond purchase programme and asset backed securities purchase programme (Belke and Volz 2015). Strategies used by the central government to stabilize Euro currency: Euro has acquired a significant position in the international market but this leads to face euro with the challenges of the economic policies. As a denomination of the issues relating to international level, euro has a prominent role (Bennani and Neuenkirch 2015). One of the primary objectives of the European central bank is to maintain stability in the price. ECB based its monetary policy in reference to the stabilizing the currency into two pillars. The first focuses on the shorter term and the second focuses on the medium to long term (Carpenter et al. 2014). A number of external factors and domestic factors determine the exchange rate. When there is a change in interest rate, which is when the interest rate rise, the domestic currency becomes more attractive to the international investors (Bradley 2014). This leads to the appreciation of currency. The change in exchange rate affects the inflation of any country and this is due to the lower price of imported goods. The competitiveness of the domestic product gets affected when the currency is appreciated or depreciated (Burda and Wyplosz 2012). The monetary policy has a transmission mechanisms and it consists of various channel thorough which price is stabilize (Henning 2015). The exchange rate channel is one of such channel that affects the exchange rate help in stabilizing. The monetary policy concerning the exchange rate does not embodies the target of euro rate and it mainly focuses on the price stability and its maintenance in the euro is facilitated by the strategies of the policies regarding the exchange rate (Campiglio 2016). The general strategy is to rule out the implicit or explicit rate of euro. The policy adhered by ECB is of benign neglect during a phase when there was a euro vis--vis dollar depreciation in the year 1999 (Carpenter et al. 2014). Since the birth of the European central bank, the fundamental principle guiding the strategy of the bank has not changed significantly. Maintaining the price stability is the fundamental strategy of the European central bank (Carpenter et al. 2013). This is because the price stability is beneficial in several aspects. The central bank used the tools such as the interest rate to adjust the supply of money (Cassola and Koulischer 2014). Monetary policy is also the useful policy used by ECB for achieving the growth objectives. The instruments and tools include the development of the monetary aggregates and this is done by comprehensive analysis (De Haan and Eijffinger 2012). The transmission mechanism is used by the central bank that affects the price level and the economy in particular. The first stage of this mechanism consists of changes in the rate of base money or the interest rate and this ultimately affects the price level, exchange rate and the interest rate as well (Dincer and Eichengreen 2013). The official interest rate is the main lever the central bank has at its disposal (Bradley 2014). This is done by making provision of funds to the banks which is one of the key operations of the bank. This impacts the interest rate of the money market and this leads to the change in the expectation of the future rate of exchange. In the year 2012, the European central bank announced the program of sovereign bond purchasing called Outright Monetary transactions and the objective of this program was to repair the transmission mechanism of the monetary policy so that the homogenous credit conditions throughout the Euro zone is restored (gert and KoÄ enda 2014). The purchase of such type of sovereign debt is intended to reduce the risks premier regarding the possibility of reversibility of the Euro (Fiore and Tristani 2013). The other monetary policy operation that aims to absorb the liquidity overnight is the standing facilities. The standing facilities are of two types. Deposit facility mad marginal lending facility (Friedman 2015). The rate on the marginal lending facility rate is comparatively higher than the money market rate. So the only option available to the credit institutions is the deposit facility (Galati and Moessner 2013). The rate on the deposit facility and the marginal lending facility normally provides a floor and the ceiling in the money market. When the government determines the rate for the standing facilities, it is setting corridor for the rate of money market to operate (Goodhart 2014). Minimum reserves is another tools used by the European Central Bank in stabilizing the interest rate of the money market and ultimately stabilizing the euro currency. Under this tool, all banks in euro zones are required to hold minimum reserves of certain amount (Henning 2015). The amount to be kept as reserves is calculated in relation to items such as deposits in the balance sheets of the banks account (Howarth and Hgenauer 2016). The banks are able to stabilize the interest rate in the money market using such reserves. This is done by providing the institutions an incentive to smooth the consequences of the liquidity fluctuations, which is arising on a temporary basis (Joyce et al. 2012). This would enhance the liquidity shortage of the banking system. Through the open market operations, it would be possible for the Euro Central bank would be able to steer the rates of money market (Kirkegaard 2014). This would be because the ECB is offering liquidity to the banks at such rate, w hich is aligned to the policies of the banks, and thus the money market rate is getting influenced (Lane 2012). Quantitative easing also known as asset purchase program aims at reviving the area of economy of Euro area. This is new policy instrument and unconventional tool (Merler and Wolff 2013). Under this tool, the European Central bank purchase euro denominated and securities that are of investment grade from the European institution or the Euro area government to create new money (Moravcsik 2012). The plan is expected to have a positive impact on the performance of the economy. The process is very advance and does not involve printing of any bank notes. It is performed electronically (Pelizzon et al. 2016). The ECB increase the credit in its account by creating the money. The low or stable interest rate would prompt the investors and they would look for better yield on the bonds elsewhere. This would have impact on the domestic currency and the lower value of currency would boost the exports (PolaÅ„ski 2016). The European monetary union makes the euro area less vulnerable to the instability of the overall exchange rate. In order to stabilize the foreign exchange market, the ECB has developed a comprehensive framework of its exchange rate policy (Reichlin 2013). ECB has introduced an intervention policy by stopping the appreciation of euro and this is done by announcing the upper limit of the dollar exchange rate (Schularick and Taylor 2012). This strategy relies on the signaling channel and the portfolio balance channel of intervention. Under this type of intervention, the central bank is engaged in buying and selling of the foreign exchange and this leads to the adjustments of the portfolio of the private sector (Van Rompuy 2012). The signaling channel market information about the future monetary policy is provided by the central bank and this stabilizes the expectations of the exchange rates (Welfens 2012). This intervention policy has two directions and they are: When the euro appreciates, the central bank tries to limit the appreciation. The bank buys foreign exchange against the deposits of central bank, which it cannot supply with the quantitative limit (Galati and Moessner 2013). The intervention of ECB forms preventing the appreciation of Euro vis--vis dollar. The rates of the domestic money market that is required to maintain the stability of price in the Euro area, ECB has its deposits facility disposed (Henning 2015). This facility does not have any limit, so the monetary conditions cannot be affected in the euro area. The ECB tries to defend the currency against the market pressure in the event of depreciation. This type of defend is performed under the constraint of the reserves of the foreign exchange (Howarth and Hgenauer 2016). However, it is utmost important to analyze the intervention policy affecting the price in the euro area. Intervention of the ECB in the foreign exchange market would have a direct impact on the monetary base (De Haan and Eijffinger 2012). When the monetary base increases then there is creation of deposit facility by ECB for the specific purpose. The interest rate would determine the rate in the money market in the euro area (gert and KoÄ enda 2014). When the monetary base decreases and this happens by providing credits to the commercial banks. If the ECB operates with the marginal lending facility, such compensation would be provided automatically (Galati and Moessner 2012). There also exists bilateral arrangement of the intervention policy. The policy of unilateral exchange rate of ECB would be able to contribute to the employment and growth without affecting price stability in the euro area. When there is a uncontrolled depreciation of the exchange rate say, euro versus doll ar then the ECB has a limited room for maneuver (Henning 2015). Therefore, this calls for bilateral agreement between the euro area and another company say, United States. This would leads to the creation of exchange rate band where the euro/dollar rate would swing or the rates would fluctuate in limits (Howarth and Quaglia 2013). The difficulties of identifying the equilibrium rate of exchange would be depicted in the width of the band of the exchange rate. The intervention is carried out by ECB directly in a centralized manner. The interventions of foreign exchange can take place within the exchange rate mechanism framework that is exchange rate mechanism II. This is based on the legal documents (Kirkegaard 2014). The Evaluation of Performance of ECB The dotcom bubble busted in 2002 and the global economy faced a serious economic crisis. This event affected both the US and European economy but interestingly US markets were able to regain its strength whereas in Europe the economy continuously suffered from low growth rates (Moravcsik 2012). The main reason for this disparity in economic recovery is due to the policies of the European Central Bank. The performance of ECB between the period 1999-2000 shows that interest rates were set higher during this period (Pelizzon et al. 2016). This policy was not in accordance with the final domestic demand because increased interest rate has a cascading effect. The increased interest rate means that there will be fewer borrowings from bank by the companies, which eventually means that there will be less investment, as a result low economic growth (Reichlin 2013). Therefore, it can be argued that for the first few years the performance of the ECB was below the expectations. It can also be ar gued that ECB has performed well as it has been successful in maintaining inflation rate near 2% in the last two years of the period (Schularick and Taylor 2012). The ECB would have achieved its target of maintaining inflation below 2% but failed due to tax pull inflation. The restrictions of the stability and growth pact (SGP) are the main cause of tax pull inflation. It forces the governments either to cut spending or increase taxes in order to fulfill its objectives (Van Rompuy 2012). The ECB however cannot be directly blamed for this but it can also be said that there is a link between the monetary policy of the ECB and the SGP which cannot be completely denied. The situation started improving and by 2007, the interest rate of the ECB was completely in aligned with the domestic growth rates (Bauer and Neely 2014). The economic conditions in Europe were in upswing during this period but in 2007, a period of economic crisis again ensued. The ECB again increased its key interest ra te as a result the investment in the economy decreased (Bennani and Neuenkirch 2015). This policy was of ECB was criticized by different quarters as it reacted slowly in the emerging financing crisis and its policy of increasing interest rate was also criticized. In the time of crisis, the policies of the ECB to increase interest rates greatly diminished the capability of the European countries to recover from the slowdown (Campiglio 2016). The evaluation of monetary policy of ECB The most important element of the strategies implemented by the ECB is that it gives importance to money. It was important because the availability of money from the macroeconomics was diminishing during the period (Chen et al. 2012). The strategies implemented by the ECB were primarily based on the assumptions provided in the quantity theory. Therefore, it used its independence to fix a money supply rate to attain its objective of attaining price stability (Dincer and Eichengreen 2013). The analysis of the performance of the ECB highlights that there are few deficiencies that are needed to be addressed. It can be argued that the key interest rates set by the ECB are high and it is adversely affecting the economic growth of the Europe (Friedman 2015). The European monetary policies are not conducive and are far from being sound. The inefficient and non-transparent decision making structure of the ECB was highlighted during the recent financial crisis (Galati and Moessner 2013). The m onetary policies of the European central bank prior to the crisis contributed to the economic imbalance in the Europe. The policies during the Greek crisis were pragmatic but there is a need of reform in the governing council of the ECB so that accountability and transparency can be ensued in the system (Henning 2015). The future of the ECB is dependent on its ability to adapt with the emerging challenges within the European Union. The ECB has adopted various unconventional and untested monetary measures along with the Asset purchase program to avoid the liquidity crisis in the financial sector and to avoid break up of European Union (Howarth and Hgenauer 2016). The purpose of the monetary policy is to encourage the investors in taking risks. The excessive risk taking can however be the cause of future financial crisis. The lessons learned from the global economic crisis shows that the price stability by in itself could not ensure financial stability (Joyce et al. 2012). Therefore, a broad Conesus has emerged financial stability should be addressed ex ante. It can be said that monetary policy is not helpful in addressing the financial crisis it should primarily focus to its main objective of maintain price stability (Lane 2012). The credibility of the ECB is based on the fulfilling of this objective. The steps for reforming ECB The monetary policy of the ECB has failed to meet the targets and it failed to tap the full growth potential of the European economy. Many attempts have been made to reform the European Central Banks functioning by the academic writers (Reichlin 2013). The most common proposal is to introduce more accountability and to make the administrative system of ECB more democratic. There is also a need to provide the right to the European parliament to define price stability in order to make it more accountable (Szczerbowicz 2015). This would not only make the decision making democratic but also provide a higher legitimacy to the decision. The second proposal is to reform the decision making process of the ECB. The restructuring of the council is therefore needed for smooth functioning (Van Rompuy 2012). A system of rotation should be implemented by reserving the permanent seats for few large countries so that the discourse is not only dominated by smaller countries (Welfens 2012). Conclusion In the report it is presented that, the ESCB has two level systems they are European Central bank and the National Central Banks. In this two level structure the ECSB overlooks the joint existence of the ECB and the national Central Banks. The ECB also has legal personality status that helps to fulfill its aims and the monetary policy targets. In order to achieve this aim it has a wide range of monetary policy instruments. They are open market operations, standing facilities, creation of the minimum reserves etc. The aim of these instruments is to influence the market interest rates and the liquidity of the financial sector in order to guide the monetary policy. These policy instruments have been playing a pivotal role in the development of the banking system in the domestic and the international market. The decision making power is in the hands of the ECB but the implementation of it depends on the national banks. The economic philosophy of the European Central Bank is that in the long run the real economy is not determined by the available liquidity. The primary objective of the monetary policy is to achieve short-term price stability and thereby achieving economic growth. The ECB intervenes in a centralized manner to affect the price of the euro zone. 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