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Spielmacher der Wettbewerbsverfälschung? Anmerkungen zur Rolle der EZB auf den Kapitalmärkten / The Distortion of Competition organised by Central Banks. Comments on the role of ECB on capital markets

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  • Kerber Markus C.

Abstract

The creation of the European Monetary Union should be a system of undistorted competition seeking to establish a single market. Contrary to this objective the ECBhas distorted the competition by its policy of qualitative and quantitative easing since May 2010. One could call it thematchmaker of distorted competition. This paper critically observes the extra-legal emergency measures, e.g.the reduction or suspension of the Eurosystem’s credit quality threshold as well as the “originate-to-Repo-operations”.

Suggested Citation

  • Kerber Markus C., 2012. "Spielmacher der Wettbewerbsverfälschung? Anmerkungen zur Rolle der EZB auf den Kapitalmärkten / The Distortion of Competition organised by Central Banks. Comments on the role of ECB on capital markets," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 63(1), pages 63-84, January.
    • Handle: RePEc:bpj:ordojb:v:63:y:2012:i:1:p:63-84:n:8
    DOI: 10.1515/ordo-2012-0108
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    References listed on IDEAS

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    1. Hauptmeier, Sebastian & Sanchez-Fuentes, A. Jesus & Schuknecht, Ludger, 2011. "Towards expenditure rules and fiscal sanity in the euro area," Journal of Policy Modeling, Elsevier, vol. 33(4), pages 597-617, July.
    2. Bofinger, Peter, 1991. "The Political Economy of the Hard-ECU Proposal," CEPR Discussion Papers 512, C.E.P.R. Discussion Papers.
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    1. Kerber Markus C., 2014. "Den Bock zum Gärtner machen? – Eine ordnungspolitische Hinterfragung der Bankenunion / ECB as single supervisory authority: Setting the fox to watch the geese?," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 65(1), pages 75-98, January.

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