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Responsibility of States and Central Banks in the Euro Crisis

Author

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  • Hans-Werner Sinn

Abstract

1. Regulatory reasons for the crisis 2. Refinancing credit and Target balances 2.1 Target balances 2.2 Target balances and fiscal rescue credit 2.3 The lowering of collateral standards for refinancing credit 2.4 Indirect state financing via refinancing credit to commercial banks 3. ECB government bond purchases and official bail-out programmes 3.1 From indirect to direct state financing: the SMP 3.2 The intergovernmental rescue funds: EFSF, ESM & Co. 3.3 Monetary policy or fiscal policy: ESM, SMP and OMT 4. The risks and costs of the ECB policy 4.1 Potential exposure via the OMT programme 4.2 Risks related to refinancing credits 4.3 Target losses in the case of exit and bankruptcy, should the euro continue to exist 4.4 Target losses in the case of a euro break-up or a German exit 4.5 Shift in growth forces due to free insurance coverage 4.6 The path dependency of policy 4.7 The creeping confiscation of savings 5. Economic assessment of ECB policy 6. Policy measures against interest rate spreads: the ECB’s justification 6.1 The economic importance of interest rate spreads 6.2 Discussion of the ECB’s arguments 7. Summary of key points

Suggested Citation

  • Hans-Werner Sinn, 2014. "Responsibility of States and Central Banks in the Euro Crisis," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 15(01), pages 03-36, February.
    • Handle: RePEc:ces:ifofor:v:15:y:2014:i:01:p:03-36
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    File URL: https://www.cesifo.org/DocDL/forum1-14-1.pdf
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    Citations

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    Cited by:

    1. Althanns, Markus & Gersbach, Hans, 2023. "The Monetary Policy Haircut Rule," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277597, Verein für Socialpolitik / German Economic Association.
    2. Winkler Adalbert, 2015. "The ECB as Lender of Last Resort: Banks versus Governments," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 235(3), pages 329-341, June.
    3. Calmfors, Lars, 2015. "The Roles of Fiscal Rules, Fiscal Councils and Fiscal Union in EU Integration," Working Paper Series 1076, Research Institute of Industrial Economics.

    More about this item

    Keywords

    Verantwortung; Staat; Zentralbank; Good Governance; Finanzkrise; Euro; Eurozone;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • 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
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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