Rules versus Human Beings, and the Mandate of the ECB

Artikel

The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The article reviews, compares, and evaluates the different arguments made in favor and against ECB policies around three key dimensions—the link of the policy path to price stability, financial stability, and economic policy. It argues that this debate is not only about the weighing of the benefits against the costs of monetary policy, but it is primarily about the question which mandate the ECB should pursue. This question remains unanswered.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: CESifo Economic Studies ; ISSN: 1610-241x ; Volume: 62 ; Year: 2016 ; Issue: 1 ; Pages: 68-87 ; Oxford: Oxford University Press

Classification and Topics

• Classification: Wirtschaft ; Monetary Policy, Central Banking, and the Supply of Money and Credit: General ; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General ; Central Banks and Their Policies
• Subject: mandate ; price stability ; financial stability ; European Central Bank ; Germany ; unconventional policies

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Fratzscher, Marcel
• Event: Veröffentlichung
• (who): Oxford University Press ; ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
• (where): Oxford
• (when): 2016

Further information

• DOI: https://academic.oup.com/cesifo/article-lookup/doi/10.1093/cesifo/ifv018
• Handle: http://hdl.handle.net/10419/157540
• Last update: 10.03.2025, 11:44 AM CET