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Política monetaria del BCE y consecuencias en la Unión Monetaria Europea
[ECB monetary policy and consequences in the European Monetary Union]

Author

Listed:
  • Paola Sánchez

    (Universidad Complutense de Madrid.)

Abstract

La crisis de deuda que atraviesa la Unión Europea ha cuestionado el diseño institucional del Sistema Monetario Europeo (SME). Uno de los autores alemanes más influyentes, Werner Sinn, argumentó en el año 2011 que el Banco Central Europeo (BCE) estaba financiando los déficits por cuenta corriente de los países de la periferia y que esto se estaba reflejando en un incremento de los desequilibrios en el sistema de pagos TARGET2, lo cual suponía un riesgo importante para los países del centro de Europa. Este trabajo pretende demostrar que estos desequilibrios surgen como consecuencia de la parálisis del mercado interbancario y de la actuación del BCE a la hora de evitar el colapso del sistema financiero. Estos desequilibrios no suponen un problema en sí mismos, sino que son el reflejo de decisiones de política económica adoptadas por el BCE frente a la crisis. La argumentación de Sinn esconde una defensa de las políticas de austeridad y la necesidad de mejorar la competitividad de los países del sur de Europa para reducir las posiciones deudoras de estos países frente al Euro-sistema.

Suggested Citation

  • Paola Sánchez, 2014. "Política monetaria del BCE y consecuencias en la Unión Monetaria Europea [ECB monetary policy and consequences in the European Monetary Union]," Papeles de Europa, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Estudios Internacionales (ICEI), vol. 27(2), pages 42-69.
    • Handle: RePEc:ucm:padeur:v:27:y:2014:i:2:p:42-69
    DOI: 10.5209/rev_PADE.2014.v27.n2.48673
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    More about this item

    Keywords

    TARGET2; BCE; Política Monetaria; Euro-sistema; Mercado interbancario.;
    All these keywords.

    JEL classification:

    • 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
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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