Der neue Kurs der Europäischen Zentralbank

Stefan Homburg

Wirtschaftsdienst, 2012, vol. 92, issue 10, 673-677

Abstract: In September 2012, the European Central Bank (ECB) announced its new “Outright Monetary Transactions (OMT)” programme, which entails unlimited purchases of member states’ government bonds. Following an idea by George Soros, Goldman Sachs and Citigroup, the ECB intends to sterilise these purchases through the liabilities side of its balance sheet, i.e. through the issuance of ECB bonds. The article analyses this plan and argues that the ECB is introducing a second unlimited European Stability Mechanism (ESM). This clearly violates European law and is likely to be punishable under German criminal law. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2012

Keywords: E58; H27 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (5)

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DOI: 10.1007/s10273-012-1437-5

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