Der neue kurs der Europäischen zentralbank

authored by

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.

Organisation(s)

Institute of Public Finance

Type

Article

Journal

Wirtschaftsdienst

Volume

92

Pages

673-677

No. of pages

5

ISSN

0043-6275

Publication date

31.10.2012

Publication status

Published

Peer reviewed

Yes

ASJC Scopus subject areas

Business, Management and Accounting (miscellaneous)

Sustainable Development Goals

SDG 16 - Peace, Justice and Strong Institutions

Electronic version(s)

https://doi.org/10.1007/s10273-012-1437-5 (Access: Closed)
http://hdl.handle.net/10419/106678 (Access: Open)