Der neue Kurs der Europäischen Zentralbank
AbstractIn 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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Bibliographic InfoArticle provided by Springer in its journal Wirtschaftsdienst.
Volume (Year): 92 (2012)
Issue (Month): 10 (October)
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Find related papers by JEL classification:
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- H27 - Public Economics - - Taxation, Subsidies, and Revenue - - - Other Sources of Revenue
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- 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.
- Sinn, Hans-Werner, 2012.
"Target losses in case of a Euro breakup,"
Munich Reprints in Economics
19622, University of Munich, Department of Economics.
- Wolf, Marvin, 2013. "Währungsunionen und Allmendeproblem," Hannover Economic Papers (HEP) dp-521, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
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