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Zur Problematik einer politisierten Europäischen Zentralbank

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  • Dietrich Schönwitz

Abstract

In September 2012, in order to save the euro, the Governing Council of the European Central Bank (ECB) announced unlimited purchases of crisis-country bonds if necessary (Outright Monetary Transactions). This was a significant change in monetary policy, leading to a controversial integration with fiscal policy and endangering the ECB’s independence as well as the preservation of price stability as its primary target. To restore the strict distinction between monetary and fiscal policy and to avoid monetary deficit financing, the author proposes to forbid purchases of government bonds not only on primary but also on secondary financial markets. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2013

Suggested Citation

  • Dietrich Schönwitz, 2013. "Zur Problematik einer politisierten Europäischen Zentralbank," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 93(4), pages 243-246, April.
    • Handle: RePEc:spr:wirtsc:v:93:y:2013:i:4:p:243-246
    DOI: 10.1007/s10273-013-1516-2
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    Keywords

    E52; E58; E62;
    All these keywords.

    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
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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