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Gut geschlagen: Geldpolitik der EZB in der Finanzmarktkrise


  • Andreas Bley


During the fi nancial crisis the ECB has done its job quite properly. To secure an adequate provision of liquidity its monetary policy framework had not needed to be adjusted in fundamental ways. Interest rate policy was conducted under the infl uence of still sound economic fundamentals and high and rising consumer price infl ation until summer 2008. Thus, the interest rate hike in July was justifi able, although not imperative. Thereafter, the sudden deterioration of the business cycle and the increased strain in the money market forced the ECB to switch over to an expansionary policy stance. At the same time the ECB eased access to central bank liquidity in the face of a dried up money market. Die EZB hat während der Finanzkrise insgesamt die richtigen Entscheidungen getroffen. Das moderne und flexible geldpolitische Instrumentarium musste im Verlauf der Krise nur wenig angepasst werden, um die Banken ausreichend mit Liquidität zu versorgen. Die Zinspolitik stand bis zum Sommer 2008 unter dem Eindruck der hohen und steigenden Inflation der Verbraucherpreise und einer noch soliden realwirtschaftlichen Entwicklung. Die Zinserhöhung im Juli 2008 war daher vertretbar, aber nicht zwingend. Als Reaktion auf die ruckartige Eintrübung der Konjunktur und die Zuspitzung der Finanzmarktkrise im September 2008 schwenkte die EZB zu Recht auf einen deutlich expansiven geldpolitischen Kurs ein. Gleichzeitig erleichterte sie den Zugang zur Refinanzierung angesichts eines weitgehend ausgetrockneten Interbankenhandels.

Suggested Citation

  • Andreas Bley, 2009. "Gut geschlagen: Geldpolitik der EZB in der Finanzmarktkrise," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 78(1), pages 66-82.
  • Handle: RePEc:diw:diwvjh:78-1-6

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    References listed on IDEAS

    1. Andreas Bley, 2008. "10 Jahre EZB – Selbstbewusstsein gerechtfertigt," Wirtschaftsdienst, Springer;German National Library of Economics, vol. 88(5), pages 311-316, May.
    2. Bindseil, Ulrich, 2004. "Monetary Policy Implementation: Theory, past, and present," OUP Catalogue, Oxford University Press, number 9780199274543, June.
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    More about this item


    Monetary policy; monetary policy instruments; fi nancial crises; European Central Bank; money market;

    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


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