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Die EZB auf Abwegen? Teil 3: Gefährden die Staatsanleihekäufe die Unabhängigkeit der EZB und bewirken starke Fehlanreize?

  • Demary, Markus
  • Matthes, Jürgen
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    Die Gefahr von Fehlanreizen und Moral Hazard Problemen durch die unkonventionelle Geldpolitik der EZB ist real, sollte aber auch nicht überdramatisiert werden. So täuscht der verbreitete Eindruck, im Bankensektor der Eurozone seien - begünstigt durch die erweiterte Liquiditäts- und Niedrigzinspolitik der EZB - keine nennenswerten Reformen umgesetzt worden. Die deutliche Verbesserung vieler Bankenindikatoren ist nicht allein auf die vielfältige Krisenhilfe der EZB und das Staatsanleihekaufprogramm OMT zurückzuführen. Vielmehr sorgen die Anpassungsprogramme der Länder mit Hilfspaketen des Rettungsschirms für eine Reform der nationalen Bankensektoren. Zudem hat die Europäische Bankenaufsichtsbehörde EBA erfolgreich für eine breit angelegt Rekapitalisierungsinitiative gesorgt. [...]

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    Paper provided by Institut der deutschen Wirtschaft Köln (IW) / Cologne Institute for Economic Research in its series IW policy papers with number 18/2013.

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    Date of creation: 2013
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    Handle: RePEc:zbw:iwkpps:182013
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