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Otmar Issing und die chinesische Frage: Zu seinem Ausflug in die Wechselkurspolitik

  • Riese, Hajo
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    Etwas Erstaunliches ist geschehen. Otmar Issing, renommierter Chefvolkswirt (und zugleich Direktoriumsmitglied) der Europäischen Zentralbank (EZB), hat jüngst (auf einer Konferenz in Zürich) mit einem Ausflug in die Wechselkurspolitik ein Tabu gebrochen, dessen geldpolitische Unantastbarkeit bisher als unumstößlich galt. Das ist aus mehreren Gründen erstaunlich. Denn der Bruch signalisiert eine Abkehr von den heiligen Grundsätzen einer zentral geleiteten Geldpolitik, sei es der Bundesbank unter dem Regime der Deutschen Mark, sei es der EZB unter dem Regime des Euro, indem eine Erweiterung der bisherigen, strikt auf eine Stabilisierung des Preisniveaus gerichteten Geldpolitik zur Diskussion gestellt wird – ein erstaunliches Phänomen deshalb, weil gerade Issing als Repräsentant einer geldmengenorientierten Geldpolitik diese Strategie entscheidend geprägt hat.

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    Paper provided by Free University Berlin, School of Business & Economics in its series Discussion Papers with number 2005/4.

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    Date of creation: 2005
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    Handle: RePEc:zbw:fubsbe:20054
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