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Reform der geldpolitischen Strategie der Europäischen Zentralbank

Author

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  • Kirsten Lommatzsch
  • Silke Tober

Abstract

Über die geldpolitische Strategie der Europäischen Zentralbank (EZB) ist in den vier Jahren ihres Bestehens vielfach diskutiert worden. Für dieses Jahr plant nun die EZB selbst eine Überprüfung ihrer Zwei-Säulen-Strategie. Um den Marktteilnehmern eine eindeutige Richtschnur zu geben, sollte die EZB ein Inflationsziel explizit festlegen. Die Bedeutung einer "strukturellen" Inflation (Balassa-Samuelson-Effekt) für die Bemessung des Inflationsziels wird hier relativiert. Ein gewisser "Puffer" in der Zielinflationsrate erscheint dennoch sinnvoll, um angesichts des in allen Ländern zu beobachtenden überproportionalen Anstiegs der Dienstleistungspreise positive Preissteigerungsraten auch im Bereich handelbarer Güter zu ermöglichen. Für ein deutlich über null liegendes Inflationsziel der Zentralbank spricht zudem, dass Qualitätsverbesserungen bei der Inflationsmessung unvollständig erfasst werden und die Zentralbank bei konjunkturellen Übersteigerungen oder Einbrüchen einen gewissen Handlungsspielraum haben sollte. Es wird daher dafür plädiert, dass die EZB ein explizites Inflationsziel von 2 % in ihre Strategie aufnimmt und dessen Einhaltung fortan in mittlerer Frist gewährleistet. Zudem sollte die EZB die beiden Säulen der geldpolitischen Strategie ihrem Informationsgehalt entsprechend neu ausrichten und dabei der Inflationsanalyse die ihr bereits in der Praxis zukommende Bedeutung verleihen.

Suggested Citation

  • Kirsten Lommatzsch & Silke Tober, 2003. "Reform der geldpolitischen Strategie der Europäischen Zentralbank," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 70(7), pages 110-117.
    • Handle: RePEc:diw:diwwob:70-70-20
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    References listed on IDEAS

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    2. Silke Tober, 2014. "Debt Redemption Fund: Conditio Sine Qua Non? Government Bonds in the Euro Area Crisis," IMK Working Paper 131-2014, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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