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A more effective euro area monetary policy than OMTs — gold-backed sovereign debt

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  • Ansgar Belke

Abstract

Given the shortcomings of the current responses to the sovereign debt crisis in the eurozone, the author proposes utilising national gold reserves as collateral for government debt. Gold backing would be quite attractive to bond investors and would significantly ease the burden of high sovereign debt yields, particularly in Portugal and Italy. Moreover, it would achieve this without adding further risky assets to the European Central Bank’s balance sheet and thereby transferring credit risk to Northern European countries. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2013

Suggested Citation

  • Ansgar Belke, 2013. "A more effective euro area monetary policy than OMTs — gold-backed sovereign debt," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 48(4), pages 237-242, July.
    • Handle: RePEc:spr:intere:v:48:y:2013:i:4:p:237-242
    DOI: 10.1007/s10272-013-0465-8
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    References listed on IDEAS

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    1. Belke, Ansgar & Potrafke, Niklas, 2012. "Does government ideology matter in monetary policy? A panel data analysis for OECD countries," Journal of International Money and Finance, Elsevier, vol. 31(5), pages 1126-1139.
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    Cited by:

    1. Ansgar Belke, 2013. "Towards a Genuine Economic and Monetary Union—Comments on a Roadmap," Politics and Governance, Cogitatio Press, vol. 1(1), pages 48-65.

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    More about this item

    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
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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