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Euro Money Creation by Member States: the Dangers of Extra National Money

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  • Dirk Meyer

Abstract

Dirk Meyer, Helmut-Schmidt-University, Universität der Bundeswehr Hamburg, shows the legal foundations of ELA credit, other bond purchases in as part of the Agreement on Net Financial Assets (ANFA) and transactions in the framework of the Target-2 system; and discusses the threats that they pose to EMU.

Suggested Citation

  • Dirk Meyer, 2016. "Euro Money Creation by Member States: the Dangers of Extra National Money," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 69(06), pages 30-40, March.
    • Handle: RePEc:ces:ifosdt:v:69:y:2016:i:06:p:30-40
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    File URL: https://www.ifo.de/DocDL/sd-2016-06-meyer-eurogeldschoepfung-2016-03-24.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. Hans-Werner Sinn, 2011. "TARGET balances, foreign trade and money creation," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 64(09), pages 23-25, May.
    3. Meyer Dirk, 2015. "Comment on Adalbert Winkler, 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 345-347, June.
    4. Stefan Kooths & Björn Roye, 2012. "Nationale Geldschöpfung zersetzt den Euroraum," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 92(8), pages 520-526, August.
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    Cited by:

    1. Arne Hansen & Dirk Meyer, 2019. "ANFA und das Zahlungsverkehrssystem TARGET2 – Zwei Konzepte zur national-autonomen Geldschöpfung im Eurosystem," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 72(13), pages 12-22, July.
    2. Dirk Meyer, 2016. "Italian Bank Rescue – EU Banking Regulations and the "Italian Way"," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 69(16), pages 33-42, August.

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    More about this item

    JEL classification:

    • 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

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