Rules versus Human Beings, and the Mandate of the ECB
Marcel Fratzscher ()
EconStor Open Access Articles, 2016, 68-87
The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The article reviews, compares, and evaluates the different arguments made in favor and against ECB policies around three key dimensions—the link of the policy path to price stability, financial stability, and economic policy. It argues that this debate is not only about the weighing of the benefits against the costs of monetary policy, but it is primarily about the question which mandate the ECB should pursue. This question remains unanswered.
Keywords: mandate; price stability; financial stability; European Central Bank; Germany; unconventional policies (search for similar items in EconPapers)
JEL-codes: E50 E60 E58 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed
Downloads: (external link)
https://www.econstor.eu/bitstream/10419/157540/1/F ... les-Versus-Human.pdf (application/pdf)
Journal Article: Rules Versus Human Beings, and the Mandate of the ECB (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:zbw:espost:157540
Access Statistics for this article
More articles in EconStor Open Access Articles from ZBW - German National Library of Economics Contact information at EDIRC.
Series data maintained by ZBW - German National Library of Economics ().