Artikel
Responsibility of States and Central Banks in the Euro Crisis
1. Regulatory reasons for the crisis 2. Refinancing credit and Target balances 2.1 Target balances 2.2 Target balances and fiscal rescue credit 2.3 The lowering of collateral standards for refinancing credit 2.4 Indirect state financing via refinancing credit to commercial banks 3. ECB government bond purchases and official bail-out programmes 3.1 From indirect to direct state financing: the SMP 3.2 The intergovernmental rescue funds: EFSF, ESM & Co. 3.3 Monetary policy or fiscal policy: ESM, SMP and OMT 4. The risks and costs of the ECB policy 4.1 Potential exposure via the OMT programme 4.2 Risks related to refinancing credits 4.3 Target losses in the case of exit and bankruptcy, should the euro continue to exist 4.4 Target losses in the case of a euro break-up or a German exit 4.5 Shift in growth forces due to free insurance coverage 4.6 The path dependency of policy 4.7 The creeping confiscation of savings 5. Economic assessment of ECB policy 6. Policy measures against interest rate spreads: the ECB’s justification 6.1 The economic importance of interest rate spreads 6.2 Discussion of the ECB’s arguments 7. Summary of key points
- Sprache
-
Englisch
- Erschienen in
-
Journal: CESifo Forum ; ISSN: 2190-717X ; Volume: 15 ; Year: 2014 ; Issue: 1 ; Pages: 3-36 ; München: ifo Institut - Leibniz-Institut für Wirtschaftsforschung an der Universität München
- Klassifikation
-
Wirtschaft
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Monetary Policy
Central Banks and Their Policies
General Financial Markets: Government Policy and Regulation
Financial Institutions and Services: General
- Thema
-
Verantwortung
Staat
Zentralbank
Good Governance
Finanzkrise
Euro
Eurozone
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Sinn, Hans-Werner
- Ereignis
-
Veröffentlichung
- (wer)
-
ifo Institut - Leibniz-Institut für Wirtschaftsforschung an der Universität München
- (wo)
-
München
- (wann)
-
2014
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Sinn, Hans-Werner
- ifo Institut - Leibniz-Institut für Wirtschaftsforschung an der Universität München
Entstanden
- 2014
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