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EZB-Krisenpolitik: OMT-Programm, Vollzuteilungspolitik und Lender of Last Resort


  • Adalbert Winkler


This paper applies the economic argumentation put forth by the OMT’s opponents before the German Federal Constitutional Court [Bundesverfassungsgericht] to the full allotment policy practiced by the ECB since October 2008. The comparison shows that under this line of reasoning, the full allotment policy also contravenes the ECB’s mandate. Ultimately, therefore, the ECB is not in court because of monetary financing, but rather in its role as a lender of last resort. Accordingly, a court decision against the OMT would endorse an economic argumentation which contradicts 150 years of modern central bank history. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2013

Suggested Citation

  • Adalbert Winkler, 2013. "EZB-Krisenpolitik: OMT-Programm, Vollzuteilungspolitik und Lender of Last Resort," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 93(10), pages 678-685, October.
  • Handle: RePEc:spr:wirtsc:v:93:y:2013:i:10:p:678-685
    DOI: 10.1007/s10273-013-1583-4

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    Cited by:

    1. Brühl, Volker & Walz, Uwe, 2015. "Das anhaltende Niedrigzinsumfeld in Deutschland," CFS Working Paper Series 506, Center for Financial Studies (CFS).

    More about this item


    E52; E53; F33;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E53 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Deposit Insurance
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions


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