IDEAS home Printed from
MyIDEAS: Login to save this paper or follow this series

Unkonventionelle Geldpolitik: Warum die Europäische Zentralbank ihre Unabhängigkeit nicht verloren hat

  • Schwäbe, Carsten
Registered author(s):

    Die Banken- und Staatsschuldenkrise im Euroraum deckte wesentliche Strukturdefizite der Europäischen Währungsunion (EWU) auf und stellt nationale wie europäische Entscheidungsträger vor nie dagewesene, unvorhergesehene Herausforderungen. In diesem unsicheren Rahmen agiert ebenfalls die Europäische Zentralbank (EZB), die vor allem kurzfristig die Reaktion auf die Krise aktiv mitbestimmte und unterstützte. Sie flankierte die Reaktionen der europäischen Politik mit einem umfassenden Paket unkonventioneller geldpolitischer Maßnahmen wie dem Ankauf von Anleihen der von Schuldenkrisen betroffenen Eurostaaten. Der vorliegende Beitrag argumentiert, dass vor dem Hintergrund der unkonventionellen Geldpolitik bisher nicht von einem Verlust der Unabhängigkeit der EZB gesprochen werden kann. Die krisenbedingte Annäherung an die Politik sowie die Ausdehnung ihres geldpolitischen Instrumentariums an die Grenzen der Europäischen Verträge stellen eine mit Risiken verbundene, aber dennoch notwendige Reaktion der EZB auf die Krise dar, obgleich dadurch nur eine kurzfristige Stabilisierung, nicht aber die Beseitigung der Strukturdefizite der EWU erreicht werden kann.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

    Paper provided by University of Münster, Center for Interdisciplinary Economics (CIW) in its series CIW Discussion Papers with number 3/2013.

    in new window

    Date of creation: 2013
    Date of revision:
    Handle: RePEc:zbw:ciwdps:32013
    Contact details of provider: Postal: Universitätsstr. 14-16, 48143 Münster
    Phone: 02 51 / 83-2 29 10
    Fax: 02 51 / 83-2 83 99
    Web page:

    More information through EDIRC

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    as in new window
    1. Vladimir Klyuev & Phil De Imus & Krishna Srinivasan, 2009. "Unconventional Choices for Unconventional Times Credit and Quantitative Easing in Advanced Economies," IMF Staff Position Notes 2009/27, International Monetary Fund.
    2. Karlheinz Ruckriegel, 2011. "Das Verhalten der EZB während der Finanzmarktkrise(n)," Wirtschaftsdienst, Springer, vol. 91(2), pages 107-114, February.
    3. André Cartapanis & Marc Bassoni, 1995. "Autonomie des banques centrales et performances macro-économiques : Un réexamen," Revue Économique, Programme National Persée, vol. 46(2), pages 415-432.
    4. Ben S. Bernanke & Vincent R. Reinhart, 2004. "Conducting Monetary Policy at Very Low Short-Term Interest Rates," American Economic Review, American Economic Association, vol. 94(2), pages 85-90, May.
    5. Hanno Beck & Aloys Prinz, 2012. "The trilemma of a monetary union: Another impossible trinity," Intereconomics: Review of European Economic Policy, Springer, vol. 47(1), pages 39-43, January.
    6. Belke, Ansgar, 2010. "Driven by the Markets? ECB Sovereign Bond Purchases and the Securities Markets Programme," Ruhr Economic Papers 194, Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI), Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    7. Uwe Vollmer, 2009. "Do we need a European lender of last resort?," Intereconomics: Review of European Economic Policy, Springer, vol. 44(1), pages 59-68, January.
    8. Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
    9. Fernando J. Cardim De Carvalho, 1996. "The Independence of Central Banks: A Critical Assessment of the Arguments," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 18(2), pages 159-175, January.
    10. Haan, Jakob de & Kooi, Willem J., 2000. "Does central bank independence really matter?: New evidence for developing countries using a new indicator," Journal of Banking & Finance, Elsevier, vol. 24(4), pages 643-664, April.
    11. Hayo, Bernd & Hefeker, Carsten, 2002. "Reconsidering central bank independence," European Journal of Political Economy, Elsevier, vol. 18(4), pages 653-674, November.
    12. Dirk Meyer, 2010. "Stabilitätsgefahren für die EWU," Wirtschaftsdienst, Springer, vol. 90(12), pages 805-813, December.
    13. Paul De Grauwe & Daniel Gros, 2009. "A New Two-Pillar Strategy for the ECB," CESifo Working Paper Series 2818, CESifo Group Munich.
    14. Jeroen Klomp & Jakob de Haan, 2010. "Inflation And Central Bank Independence: A Meta-Regression Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 24(4), pages 593-621, 09.
    15. Armin Steinbach, 2011. "Gefährliche Inflationsunterschiede in der Eurozone," Wirtschaftsdienst, Springer, vol. 91(6), pages 398-400, June.
    16. Heiner Brockmann & Horst Keppler, 2012. "EZB-Käufe von Staatsanleihen anders begründen!," Wirtschaftsdienst, Springer, vol. 92(3), pages 173-176, March.
    17. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
    18. Jakob de Haan & Sylvester C.W. Eijffinger, 2000. "The Democratic Accountability of the European Central Bank: A Comment on Two Fairy-tales," Journal of Common Market Studies, Wiley Blackwell, vol. 38(3), pages 393-407, 09.
    19. Berger, Helge & de Haan, Jakob & Eijffinger, Sylvester C W, 2000. "Central Bank Independence: An Update of Theory and Evidence," CEPR Discussion Papers 2353, C.E.P.R. Discussion Papers.
    20. Andersen, Torben M. & Schneider, Friedrich, 1986. "Coordination of fiscal and monetary policy under different institutional arrangements," European Journal of Political Economy, Elsevier, vol. 2(2), pages 169-191.
    21. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1169-89, November.
    22. Cukierman, Alex, 1994. "Central Bank Independence and Monetary Control," Economic Journal, Royal Economic Society, vol. 104(427), pages 1437-48, November.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:zbw:ciwdps:32013. 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: (ZBW - German National Library of Economics)

    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.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 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.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.