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Journal Article
ECB 2.0: Bye-bye Bundesbank
2013
Overview
ECB 2.0: Bye-bye Bundesbank Over the past three years, the ECB has taken on a more proactive role in helping to solve the euro crisis. In this, the bank has gradually moved from its Bundesbank-like origins to an understanding of central banking more akin to the Italian model. In this note, we explain why we believe this is good news, although it may sound alarming for some northern Europeans. At the same time, a more Banca d\"Italia-like position of the ECB does not mean the euro area has turned into an Italian monetary union altogether, as some have argued. The reason is that European fiscal policies are rather turning more 'German\". ECB 2.0 does not necessarily mean more inflation either. And even if it does, some inflation would probably be less costly than the threat of a deflationary decade that is hanging over Europe today.
EZB 2.0: Bye-bye Bundesbank In den vergangenen drei Jahren hat die EZB eine aktivere Rolle zur Lösung der Euro-Krise eingenommen. Dabei hat die Bank sich graduell von ihren Bundesbank-ähnlichen Ursprüngen hin zu einem Verständnis von Zentralbankpolitik entwickelt, das eher dem italienischen Modell ähnelt. In diesem Beitrag erläutern wir, warum wir dies für begrüßenswert halten, obwohl es gerade für einige nordeuropäische Länder eher alarmierend klingen mag. Auch bedeutet eine eher Banca d\"Italia-ähnliche Position der EZB keineswegs, daß sich die Eurozone als Ganzes in eine 'italienartige' Währungsunion verwandelt, wie manche behaupten haben. Der Grund ist, daß die europäische Fiskalpolitik im Gegenzug eher 'deutscher' wird. Die EZB 2.0 bedeutet auch nicht zwingend höhere Inflation. Und selbst wenn dem so wäre, dürfte ein bißchen mehr Inflation gesamtwirtschaftlich weniger schädlich sein als die Gefahr eines deflationären Jahrzehnts, die gegenwärtig über Europa hängt.
Publisher
Duncker & Humblot,Duncker & Humblot Gmbh
Subject
