Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/180773 
Authors: 
Year of Publication: 
2016
Citation: 
[Journal:] Wirtschaftsdienst [ISSN:] 1613-978X [Volume:] 96 [Issue:] 6 [Publisher:] Springer [Place:] Heidelberg [Year:] 2016 [Pages:] 413-421
Publisher: 
Springer, Heidelberg
Abstract: 
Die Unterscheidung zwischen gemeinsamen durch die EZB verantworteten geldpolitischen Maßnahmen des Eurosystems und eigenen, nicht-geldpolitischen Operationen der nationalen Notenbanken der Euro-Mitgliedstaaten stellt eine Besonderheit der Europäischen Währungsunion dar. Das jetzt veröffentlichte ANFA (Agreement on Net Financial Assets)- Geheimprotokoll hat die bislang nur wenig beachtete Möglichkeit nationaler Notenbanken zur Geldschöpfung in das öffentliche Interesse gebracht. Der Beitrag zeigt das unterschiedliche Ausmaß der Inanspruchnahme dieser Regelung durch die Mitgliedstaaten auf.
Abstract (Translated): 
The so called ANFA secret protocol brought to the public's attention the previously only little noticed opportunity for national central banks of individual Eurozone members to create money through purchases of securities at their own expense. The ANFA financial assets amount to the significant share of 51% (gross) or rather 18% (net) of the Eurosystem's balance sheet total and 41% of its total liquidity, thereby jeopardising the principle that the communities of the emitting and the money accepting countries should be congruent, which is seen as a stability condition for currency unions. There is a danger that the money creation via ANFA acts as an explosive device for the currency union. It is therefore necessary to clearly limit the own funds portfolio in order to restore the community of money emission.
JEL: 
E44
E52
E58
E59
Persistent Identifier of the first edition: 
Document Type: 
Article
Document Version: 
Published Version

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