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Target-Falle oder Empörungsfalle?: Zur deutschen Diskussion über die Europäische Währungsunion

Author

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  • Hellwig Martin

    (Max-Planck-Institut zur Erforschung von Gemeinschaftsgütern, Bonn, Germany)

Abstract

Die deutsche Diskussion über die Europäische Währungsunion steckt in einer Empörungsfalle. Rechtsnormen und Zahlen werden ungenau und missverständlich wiedergegeben, Kausalzusammenhänge werden nicht belegt. Der Begriff des „Target-Kredits“ vermengt volkswirtschaftliche und einzelwirtschaftliche Vorstellungen auf unzulässige Weise und ist analytisch unbrauchbar. Dass die Deutsche Bundesbank in ihrem operativen Geschäft nicht selbständig agiert, wird verdrängt. Eine inhaltliche Auseinandersetzung mit den Aufgaben der Zentralbank fehlt weitgehend. Die Besonderheiten eines deckungslosen Papiergelds werden nicht angemessen berücksichtigt. Die in wiederholten Verlustwarnungen enthaltene Priorisierung fiskalischer Belange ist sachlich verfehlt und ordnungspolitisch gefährlich.

Suggested Citation

  • Hellwig Martin, 2018. "Target-Falle oder Empörungsfalle?: Zur deutschen Diskussion über die Europäische Währungsunion," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 19(4), pages 345-382, December.
    • Handle: RePEc:bpj:pewipo:v:19:y:2018:i:4:p:345-382:n:1
    DOI: 10.1515/pwp-2019-0002
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    Keywords

    E44; E52; E58; F45; Papiergeld; Vermögenseffekte; Geldpolitik; Friedman-Schwartz-Paradox; Lender of last resort; Europäische Währungsunion; Target-Salden; Finanzkrise; Eurokrise; Vollzuteilung; Notkredite; ANFA; Quantitative easing;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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