Zur Problematik einer politisierten Europäischen Zentralbank

Dietrich Schönwitz

Wirtschaftsdienst, 2013, vol. 93, issue 4, 243-246

Abstract: In September 2012, in order to save the euro, the Governing Council of the European Central Bank (ECB) announced unlimited purchases of crisis-country bonds if necessary (Outright Monetary Transactions). This was a significant change in monetary policy, leading to a controversial integration with fiscal policy and endangering the ECB’s independence as well as the preservation of price stability as its primary target. To restore the strict distinction between monetary and fiscal policy and to avoid monetary deficit financing, the author proposes to forbid purchases of government bonds not only on primary but also on secondary financial markets. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2013

Keywords: E52; E58; E62 (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/s10273-013-1516-2

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