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Der neue Kurs der Europäischen Zentralbank

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  • Stefan Homburg

Abstract

In September 2012, the European Central Bank (ECB) announced its new “Outright Monetary Transactions (OMT)” programme, which entails unlimited purchases of member states’ government bonds. Following an idea by George Soros, Goldman Sachs and Citigroup, the ECB intends to sterilise these purchases through the liabilities side of its balance sheet, i.e. through the issuance of ECB bonds. The article analyses this plan and argues that the ECB is introducing a second unlimited European Stability Mechanism (ESM). This clearly violates European law and is likely to be punishable under German criminal law. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2012

Suggested Citation

  • Stefan Homburg, 2012. "Der neue Kurs der Europäischen Zentralbank," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 92(10), pages 673-677, October.
    • Handle: RePEc:spr:wirtsc:v:92:y:2012:i:10:p:673-677
    DOI: 10.1007/s10273-012-1437-5
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    Cited by:

    1. Hans-Werner Sinn, 2012. "Target Losses in Case of a Euro Breakup," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(04), pages 51-58, December.
    2. Wolf, Marvin, 2013. "Währungsunionen und Allmendeproblem," Hannover Economic Papers (HEP) dp-521, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    3. Kreuder-Sonnen, Christian & Zangl, Bernhard, 2015. "Which post-Westphalia? International organizations between constitutionalism and authoritarianism," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 21(3), pages 568-594.
    4. Hans-Werner Sinn, 2012. "Target Losses in Case of a Euro Breakup," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(4), pages 51-58, December.
    5. Hans-Werner Sinn, 2013. "Die Target-Verluste im Fall des Auseinanderbrechens des Euro – Eine Replik auf De Grauwe und Ji," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 66(01), pages 14-24, January.

    More about this item

    Keywords

    E58; H27;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • H27 - Public Economics - - Taxation, Subsidies, and Revenue - - - Other Sources of Revenue

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