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Der neue Kurs der Europäischen Zentralbank

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Author Info

  • Stefan Homburg

Abstract

In September 2012, the European Central Bank (ECB) announced its new “Outright Monetary Transactions (OMT)” programme, which entails unlimited purchases of member states’ government bonds. Following an idea by George Soros, Goldman Sachs and Citigroup, the ECB intends to sterilise these purchases through the liabilities side of its balance sheet, i.e. through the issuance of ECB bonds. The article analyses this plan and argues that the ECB is introducing a second unlimited European Stability Mechanism (ESM). This clearly violates European law and is likely to be punishable under German criminal law. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2012

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File URL: http://hdl.handle.net/10.1007/s10273-012-1437-5
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Bibliographic Info

Article provided by Springer in its journal Wirtschaftsdienst.

Volume (Year): 92 (2012)
Issue (Month): 10 (October)
Pages: 673-677

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Handle: RePEc:spr:wirtsc:v:92:y:2012:i:10:p:673-677

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Related research

Keywords: E58; H27;

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Cited by:
  1. Hans-Werner Sinn, 2013. "Die Target-Verluste im Fall des Auseinanderbrechens des Euro – Eine Replik auf De Grauwe und Ji," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 66(01), pages 14-24, 01.
  2. Hans-Werner Sinn, 2012. "Target Losses in Case of a Euro Breakup," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 13(4), pages 51-58, December.
  3. Wolf, Marvin, 2013. "Währungsunionen und Allmendeproblem," Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Leibniz Universität Hannover dp-521, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.

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