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Zur Sterilisierung der Ankäufe von Staatsanleihen der EZB

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  • van Roye, Björn

Abstract

Seit Mai 2010 erwirbt die EZB im Rahmen des "Programms für die Wertpapiermärkte" Staatsanleihen ausgewählter Länder des Euroraums. Sie kommuniziert das Programm offiziell als eine Maßnahme die "Tiefe und Liquidität gestörter Segmente der Wertpapiermärkte zu gewährleisten und ein angemessenes Funktionieren des geldpolitischen Transmissionsmechanismus wiederherzustellen". Gleichzeitig betonte sie, dass die Anleihekäufe in gleichem Ausmaß durch die Hereinnahme von Termingeschäften sterilisiert werden. Ferner schließt sie eine Erhöhung der breiter gefassten Geldmenge M3 aus, die sie als einen der Haupttreiber einer möglichen inflationären Entwicklung sieht.

Suggested Citation

  • van Roye, Björn, 2011. "Zur Sterilisierung der Ankäufe von Staatsanleihen der EZB," Kiel Insight 2011.21, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwbox:201121
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    1. Jean-Claude Trichet, 2009. "The ECB's Enhanced Credit Support," CESifo Working Paper Series 2833, CESifo.
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