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Euro- und Finanzkrise: Sollte die EZB ihre Aufgabe über die Inflationsbekämpfung hinaus erweitern?

Author

Listed:
  • Thomas Straubhaar
  • Henning Vöpel

Abstract

Aufgabe der Europäischen Zentralbank ist es, für Preisstabilität zu sorgen. Sollte sie angesichts der Schuldenkrise einiger Euroländer einen Kurswechsel vornehmen und – in unbegrenztem Umfang – Staatsanleihen der Krisenländer aufkaufen? Welche Risiken sind mit einer solchen Politik verbunden? Thomas Straubhaar, HWWI und Universität Hamburg, und Henning Vöpel, HWWI und Hamburg School of Business and Administration, sind der Ansicht, dass die EZB bei der Lösung einer akuten Vertrauenskrise eine aktivere Rolle spielen sollte. Aber sie sollte keine Geldpolitik als Ersatz für strukturelle Konvergenz der Euroländer auf dem Weg zu einem optimalen Währungsraum betreiben. Im Gegenteil wäre es die Aufgabe der Politik, mit entsprechenden Konvergenzvorkehrungen die EZB vor einer Rolle zu schützen, die sie letztlich nicht erfüllen kann.

Suggested Citation

  • Thomas Straubhaar & Henning Vöpel, 2012. "Euro- und Finanzkrise: Sollte die EZB ihre Aufgabe über die Inflationsbekämpfung hinaus erweitern?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 65(02), pages 04-07, January.
    • Handle: RePEc:ces:ifosdt:v:65:y:2012:i:02:p:04-07
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    References listed on IDEAS

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    1. Peter Bernholz, 2003. "Monetary Regimes and Inflation," Books, Edward Elgar Publishing, number 2873, August.
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    3. Miquel Faig & Belén Jerez, 2007. "Precautionary Balances and the Velocity of Circulation of Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(4), pages 843-873, June.
    4. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-162, May.
    5. Claudio E. V. Borio & Andrew Filardo, 2007. "Globalisation and inflation: New cross-country evidence on the global determinants of domestic inflation," BIS Working Papers 227, Bank for International Settlements.
    6. Laurence M. Ball, 2006. "Has Globalization Changed Inflation?," NBER Working Papers 12687, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Reiner Peter Hellbrück, 2012. "Regionale Zinspolitik," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 65(15), pages 27-34, August.

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    Keywords

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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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