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Euro- und Finanzkrise: Sollte die EZB ihre Aufgabe über die Inflationsbekämpfung hinaus erweitern?

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Author Info

  • Thomas Straubhaar
  • Henning Vöpel

Abstract

Aufgabe der Europäischen Zentralbank ist es, für Preisstabilität zu sorgen. Sollte sie angesichts der Schuldenkrise einiger Euroländer einen Kurswechsel vornehmen und – in unbegrenztem Umfang – Staatsanleihen der Krisenländer aufkaufen? Welche Risiken sind mit einer solchen Politik verbunden? Thomas Straubhaar, HWWI und Universität Hamburg, und Henning Vöpel, HWWI und Hamburg School of Business and Administration, sind der Ansicht, dass die EZB bei der Lösung einer akuten Vertrauenskrise eine aktivere Rolle spielen sollte. Aber sie sollte keine Geldpolitik als Ersatz für strukturelle Konvergenz der Euroländer auf dem Weg zu einem optimalen Währungsraum betreiben. Im Gegenteil wäre es die Aufgabe der Politik, mit entsprechenden Konvergenzvorkehrungen die EZB vor einer Rolle zu schützen, die sie letztlich nicht erfüllen kann.

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Bibliographic Info

Article provided by Ifo Institute for Economic Research at the University of Munich in its journal ifo Schnelldienst.

Volume (Year): 65 (2012)
Issue (Month): 02 (01)
Pages: 04-07

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Handle: RePEc:ces:ifosdt:v:65:y:2012:i:02:p:04-07

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Related research

Keywords: Finanzmarktkrise; Währungskrise; Euro; Zentralbank; Geldpolitik; Preisniveaustabilität; Europäische Wirtschafts- und Währungsunion;

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References

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  1. Miquel Faig & Belén Jerez, 2005. "Precautionary Balances And The Velocity Of Circulation Of Money," Economics Working Papers we051406, Universidad Carlos III, Departamento de Economía.
  2. Laurence M. Ball, 2006. "Has Globalization Changed Inflation?," NBER Working Papers 12687, National Bureau of Economic Research, Inc.
  3. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-62, May.
  4. Hans-Werner Sinn & Timo Wollmershäuser, 2011. "Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility," CESifo Working Paper Series 3500, CESifo Group Munich.
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