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Auf dem Prüfstand: die Argumentation gegen die EZB-Staatsanleihenkäufe


  • Adalbert Winkler



This paper reviews the arguments against the ECB’s extended asset purchase programme. It is shown that the main lines of arguments — arguments those suggesting that under current economic conditions it was not needed to pursue quantitative easing, and arguments those indicating that purchases of government bonds should be avoided in principle — do not add upmatch. However, the argumentation becomes compellent consistent when the underlying monetary theory is taken into account, as it implies a do- nothing monetary policy stance when inflation rates are low. This theory was rejected on 22 January 2015, as it is inconsistent with the prevailing Governing Council definition of the ECB mandate. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2015

Suggested Citation

  • Adalbert Winkler, 2015. "Auf dem Prüfstand: die Argumentation gegen die EZB-Staatsanleihenkäufe," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 95(3), pages 178-185, March.
  • Handle: RePEc:spr:wirtsc:v:95:y:2015:i:3:p:178-185
    DOI: 10.1007/s10273-015-1803-1

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    Cited by:

    1. Winkler Adalbert, 2018. "Zehn Jahre nach dem Konkurs von Lehman Brothers: Ordnungspolitische Irrtümer in der Bewertung der EZB-Geldpolitik seit der globalen Finanzkrise," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 19(2), pages 141-162, July.

    More about this item


    E14; E52; E58;

    JEL classification:

    • E14 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Austrian; Evolutionary; Institutional
    • 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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