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Der lender of last resort vor Gericht

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  • Winkler, Adalbert

Abstract

Ist das OMT-Programm der EZB mandatswidrig? Dieser Beitrag wendet die ökonomische Argumentation der OMT-Kritiker vor dem deutschen Bundesverfassungsgericht auf die seit Oktober 2008 praktizierte Vollzuteilungspolitik an. Der Vergleich zeigt, dass danach auch die Vollzuteilungspolitik mandatswidrig ist. Die EZB steht daher nicht als Staatsfinanzierer, sondern als lender of last resort vor Gericht. Ein Richterspruch gegen das OMT würde folglich eine ökonomische Argumentation bestätigen, die 150 Jahren moderner Zentralbankgeschichte widerspricht und den Euroraum den Instabilitäten von Finanzmärkten ausliefert. Ein solcher Währungsraum ist weder funktionsfähig noch wünschenswert.

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Paper provided by Frankfurt School of Finance and Management in its series Frankfurt School - Working Paper Series with number 206.

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Date of creation: 2013
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Handle: RePEc:zbw:fsfmwp:206
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Keywords: lender of last resort; OMT-Programm; Vollzuteilungspolitik;

Find related papers by 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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