Ein Schuldenerlass als Ende mit Schrecken?: – Das ESZB als Kreditgeber der letzten Instanz für Staaten –

Hansen Arne () and Meyer Dirk ()
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Hansen Arne: Helmut-Schmidt-Universität – Universität der Bundeswehr HamburgInstitut für Volkswirtschaftslehre, Lehrstuhl für OrdnungsökonomikHamburgDeutschland
Meyer Dirk: Helmut-Schmidt-Universität – Universität der Bundeswehr HamburgInstitut für Volkswirtschaftslehre, Lehrstuhl für OrdnungsökonomikHamburgDeutschland

Zeitschrift für Wirtschaftspolitik, 2020, vol. 69, issue 3, 277-307

Abstract: The rising debt-to-GDP ratios of the eurozone member states result not least from the coronavirus crisis. Without external support, especially with regard to Italy, but also for other Mediterranean states, access to the capital market could be seriously threatened in the medium run. The recovery fund ‘Next Generation EU’ likely directs the fundamental structures of the European Union (EU) towards a fiscal union with considerable transfer elements, while the Pandemic Emergency Purchase Programme (PEPP), which is declared as a monetary policy instrument, is even discussed as a violation of the prohibition of monetary financing. As an alternative, this contribution analyses a debt relief by the European System of Central Banks (ESCB), implemented via an EU debt agency. This construction would avoid a negative equity position of the central banks and also enable a legal integration into the EU system. The question remains: What would be the consequences of such a non-recurring step?

Keywords: Asset Purchase Programme (APP); Public Sector Asset Purchase Programme (PSPP); Pandemic Emergency Purchase Programme (PEPP); Recovery Fund ‘Next Generation EU’; Monetary Union; Monetary Financing; Debt Relief; Modern Monetary Theory (MMT); Anleihekaufprogramme (APP); Public Sector Asset Purchase Programme (PSPP); Pandemic Emergency Purchase Programme (PEPP); Wiederaufbaufonds ‚Next Generation EU‘; Währungsunion; monetäre Staatsfinanzierung; Schuldenerlass; Modern Monetary Theory (MMT) (search for similar items in EconPapers)
JEL-codes: E42 E44 E52 E58 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1515/zfwp-2020-2039

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