IDEAS home Printed from https://ideas.repec.org/a/kuk/journl/v46y2013i1p29-52.html
   My bibliography  Save this article

Gefährdet der Ankauf von Staatsanleihen die Unabhängigkeit der EZB?

Author

Listed:
  • Beate Sauer

    (Universität der Bundeswehr München, Fakultät für Wirtschaftsund Organisationswissenschaften, Institut für Ökonomie und Recht der globalen Wirtschaft, Werner-Heisenberg-Weg 39, 85577 Neubiberg)

Abstract

Since May 2010 at the latest, the ECB has been criticized for financing government bonds – at least indirectly – and for tolerating to be put under pressure by the fiscal side. The ECB itself has justified its securities markets programme and, thus, its government bond purchases by the need to maintain the functioning ability of the transmission channel. Is this procedure tantamount to endangering its independence? Or are their noticeable differences between the ECB as the central bank of a monetary union and a central bank of a single state? Answers to this are provided by a detailed examination of the different areas of independence as well as through coordination of the programme with the other monetary policy instruments: The ECB has taken on a quasi-fiscal role by purchasing government bonds, which has restricted its political as well as its financial independence. Moreover, it has possibly lost reputation as well.

Suggested Citation

  • Beate Sauer, 2013. "Gefährdet der Ankauf von Staatsanleihen die Unabhängigkeit der EZB?," Credit and Capital Markets, Credit and Capital Markets, vol. 46(1), pages 29-52.
  • Handle: RePEc:kuk:journl:v:46:y:2013:i:1:p:29-52
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Keywords

    Geldpolitik; Glaubwürdigkeit; Staatsanleihekäufe; Unabhängigkeit; Währungsunion; Zentralbank;

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • 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
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kuk:journl:v:46:y:2013:i:1:p:29-52. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Credit and Capital Markets). General contact details of provider: http://www.credit-and-capital-markets.de/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.