IDEAS home Printed from https://ideas.repec.org/a/ces/ifofor/v15y2014i01p03-36.html
   My bibliography  Save this article

Responsibility of States and Central Banks in the Euro Crisis

Author

Listed:
  • Hans-Werner Sinn

Abstract

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

Suggested Citation

  • Hans-Werner Sinn, 2014. "Responsibility of States and Central Banks in the Euro Crisis," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 15(01), pages 03-36, February.
    • Handle: RePEc:ces:ifofor:v:15:y:2014:i:01:p:03-36
    as

    Download full text from publisher

    File URL: https://www.cesifo.org/DocDL/forum1-14-1.pdf
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Althanns, Markus & Gersbach, Hans, 2023. "The Monetary Policy Haircut Rule," CEPR Discussion Papers 18228, C.E.P.R. Discussion Papers.
    2. Winkler Adalbert, 2015. "The ECB as Lender of Last Resort: Banks versus Governments," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 235(3), pages 329-341, June.
    3. Calmfors, Lars, 2015. "The Roles of Fiscal Rules, Fiscal Councils and Fiscal Union in EU Integration," Working Paper Series 1076, Research Institute of Industrial Economics.

    More about this item

    Keywords

    Verantwortung; Staat; Zentralbank; Good Governance; Finanzkrise; Euro; Eurozone;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ces:ifofor:v:15:y:2014:i:01:p:03-36. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Klaus Wohlrabe (email available below). General contact details of provider: https://edirc.repec.org/data/ifooode.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.