The ECB's Fiscal Policy

Hans-Werner Sinn

No 24613, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and moved into fiscal territory. This text describes and summarizes the crucial role played by the ECB in the intervention spiral resulting from its bid to manage the crisis. It also outlines ongoing competitiveness problems in southern Europe, discusses the so-called austerity policy of the Troika, comments on QE and presents two alternative paths for the future development of Europe.

JEL-codes: E50 E58 G01 H63 H81 (search for similar items in EconPapers)
Date: 2018-05
New Economics Papers: this item is included in nep-cba, nep-knm, nep-mac and nep-mon
Note: ME
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Published as Hans-Werner Sinn, 2018. "The ECB’s fiscal policy," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 25(6), pages 1404-1433, December.

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Journal Article: The ECB’s fiscal policy (2018)
Working Paper: The ECB's Fiscal Policy (2018)
Working Paper: The ECB's fiscal policy (2018)
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