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Internationale Finanzkrise und die Geldpolitik der Europäischen Zentralbank

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  • Manfred J. M. Neumann

Abstract

Ill‐designed regulation and inattentive supervision have contributed to the financial crisis, so has monetary policy. This article puts the focus on the European Central Bank (ECB). We test the hypothesis that the ECB's change of concept in 2003 (money in the background) paved the way to follow the Fed's overly expansionary monetary policy. We also discuss if policy should be geared to financial market stability. In contrast to the Greenspan‐Bernanke‐Mishkin view, some modest leaning against the bubble is supported. Finally, the ECB's response to the crisis is evaluated. Cheap long‐run jumbo loans and reduced security standards are potentially dangerous.

Suggested Citation

  • Manfred J. M. Neumann, 2009. "Internationale Finanzkrise und die Geldpolitik der Europäischen Zentralbank," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 10(4), pages 367-388, November.
    • Handle: RePEc:bla:perwir:v:10:y:2009:i:4:p:367-388
    DOI: 10.1111/j.1468-2516.2009.00314.x
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