Eine neue Rolle für die Europäische Zentralbank? Anmerkungen zu einem spezifisch Deutschen Konflikt. A new role for the European Central Bank? Remarks on a special German conflict
Keywords: European Central Bank, Lender of last resort, Outright Monetary Transactions, quantitative easing, European fiscal union
AbstractThe recent European debt crisis has generated a growing importance of the ECB. The central bank was forced to take measures far beyond its traditional role to stabilize monetary markets and inflation. The European central bank has adopted a new function as lender of last resort, providing banks and governments with almost unlimited liquidity. The new and unconventional monetary policy has been hotly debated. In Germany the debate even reached the Constitutional Court. The article will give a survey of the debate referring to the arguments of the ECB versus Deutsche Bundesbank. It is indeed questionable whether the ECB has a mandate for its new role in monetary and by the way also fiscal policy. Whatever the arguments are convincing, new steps towards fiscal arrangements and a deeper political cooperation are needed to stabilize the euro area.
Download data is not yet available.
How to Cite
Ehrig, D. (2016). Eine neue Rolle für die Europäische Zentralbank? Anmerkungen zu einem spezifisch Deutschen Konflikt. A new role for the European Central Bank? Remarks on a special German conflict. Estonian Discussions on Economic Policy, 24(1). https://doi.org/10.15157/tpep.v24i1.12983
Articles. Artikeln. Artiklid
Copyright (c) 2016 Estonian Discussions on Economic Policy
This work is licensed under a Creative Commons Attribution 4.0 International License.The publication Estonian Discussions on Economic Policy uses the Creative Commons Attribution 4.0 License. With the delivery of a paper, the author grants to the Board also the right to publish the paper in the journal. The journal has set no obstacles or prohibitions to the authors for the future, and according to the current practice, authors subsequently use their paper as they consider it appropriate. Authors are personally responsible for the content, correct spelling and formatting of their publications.