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The ECB’s fiscal policy

Author

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  • Hans-Werner Sinn

    () (Ludwig Maximilian’s University Munich)

Abstract

Abstract While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and moved into fiscal territory. This text describes and summarizes the crucial role played by the ECB in the intervention spiral resulting from its bid to manage the crisis. It also outlines ongoing competitiveness problems in southern Europe, discusses the so-called austerity policy of the Troika, comments on QE and presents two alternative paths for the future development of Europe.

Suggested Citation

  • Hans-Werner Sinn, 2018. "The ECB’s fiscal policy," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 25(6), pages 1404-1433, December.
  • Handle: RePEc:kap:itaxpf:v:25:y:2018:i:6:d:10.1007_s10797-018-9501-8
    DOI: 10.1007/s10797-018-9501-8
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    References listed on IDEAS

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    1. Hans-Werner Sinn & Timo Wollmershäuser, 2012. "Target loans, current account balances and capital flows: the ECB’s rescue facility," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 19(4), pages 468-508, August.
    2. Sinn, Hans-Werner, 2017. "The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs," OUP Catalogue, Oxford University Press, number 9780198791447.
    3. Steiner, Andreas, 2016. "Global Imbalances, Financial Crises, and Central Bank Policies," Elsevier Monographs, Elsevier, edition 1, number 9780128104026, July.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Nicola Comincioli & Sergio Vergalli & Paolo M. Panteghini, 2019. "Business Tax Policy under Default Risk," Working Papers 2019.11, Fondazione Eni Enrico Mattei.
    2. repec:bla:ajecsc:v:78:y:2019:i:1:p:167-193 is not listed on IDEAS

    More about this item

    Keywords

    ECB; Fiscal policy; Monetary policy; Outright monetary transactions; Euro crisis;

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • 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
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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