Details
| Translated title of the contribution | The ECB's new course |
|---|---|
| Original language | German |
| Pages (from-to) | 673-677 |
| Number of pages | 5 |
| Journal | Wirtschaftsdienst |
| Volume | 92 |
| Issue number | 10 |
| Publication status | Published - 31 Oct 2012 |
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.
ASJC Scopus subject areas
- Business, Management and Accounting(all)
- Business, Management and Accounting (miscellaneous)
Sustainable Development Goals
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In: Wirtschaftsdienst, Vol. 92, No. 10, 31.10.2012, p. 673-677.
Research output: Contribution to journal › Article › Research › peer review
}
TY - JOUR
T1 - Der neue kurs der Europäischen zentralbank
AU - Homburg, Stefan
PY - 2012/10/31
Y1 - 2012/10/31
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=84869382791&partnerID=8YFLogxK
U2 - 10.1007/s10273-012-1437-5
DO - 10.1007/s10273-012-1437-5
M3 - Artikel
AN - SCOPUS:84869382791
VL - 92
SP - 673
EP - 677
JO - Wirtschaftsdienst
JF - Wirtschaftsdienst
SN - 0043-6275
IS - 10
ER -