Niedrigzinspolitik und Quantitative Easing der Europäischen Zentralbank (EZB) unter Beachtung europäischer Staatsverschuldung
Keywords:
Reasons for the recent low interest rate policy and the Quantitative Easing (QE) of the European Central Bank (ECB), Consequences of a turning away from the low interest rate policy and from the QE of the ECB for budget deficits and state indebtedness of
Abstract
In the article the following 2 theses are examined fact-based: 1. „Many countries have a so high public debt that a return to a higher leading interest of the European Central Bank (ECB) is not possible any more.“ 2. „If it comes to a clear interest increase, heavy real-economic frictions or even the insolvency of various countries can be prevented only by a partial debt relief.“ In the analysis are shown the magnitude of the low interest rate policy and the quantitative Easing (QE) of the European Central Bank (ECB) on the one hand, and on the other hand the public debt as well as the interest to be paid on that debt resulting from higher interest rates are examined for selected member countries of the EEMU (France, Germany, Italy Spain). As a consequence it appears that with a lasting reincrease of the level of interest rates (by increasing the leading interest rate of the ECB) and/or an end of the loan purchase programme within the scope of the QE for many states of the EWWU the ability in the debt service will not be possible any more. High budget deficits would lead to heavy economic frictions. Summarizing for the economic and political stability of many states: An exit from low interest rate policy and QE will be only possible – if there is an ongoing lack of alternatively sustained reforms in economic and financial policy –if it comes to a sustained debt relief in the EEMU.Downloads
Download data is not yet available.
Published
2018-01-12
How to Cite
Eibner, W. (2018). Niedrigzinspolitik und Quantitative Easing der Europäischen Zentralbank (EZB) unter Beachtung europäischer Staatsverschuldung. Estonian Discussions on Economic Policy, 25(2). https://doi.org/10.15157/tpep.v25i2.13970
Section
Articles. Artikeln. Artiklid
Copyright (c) 2018 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.