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Winkler, Adalbert
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[Journal:] Wirtschaftsdienst [ISSN:] 1613-978X [Publisher:] Springer [Place:] Heidelberg [Volume:] 94 [Year:] 2014 [Issue:] 7 [Pages:] 479-486
Die Beschlüsse der Europäischen Zentralbank vom 5. Juni 2014 sind zum Teil heftig kritisiert worden. Damit setzt sich die überwiegend negative Bewertung an der Politik der Europäischen Zentralbank fort, die seit langem zu beobachten ist, aber im Widerspruch zur realen Entwicklung steht. Sie lässt sich nur durch das Festhalten an einer Theorie erklären, die falsch angewendet wird. Die negativen Nebenwirkungen sind erheblich, weil die ungerechtfertigte Dauerkritik das Vertrauen in die Institution Europäische Zentralbank untergräbt.
Abstract (Translated): 
The ECB's decision in favour of additional unconventional monetary policy measures has been severely criticised by German economists, experts and the media. This is consistent with the relentless criticism that the ECB has been subject to over recent years, even though the facts clearly show that the ECB has been living up to its mandate. The prevalence reflects adherence to a monetary theory that is wrongly applied. The collateral damage of this misapplication is huge as the permanent and unjustified criticism undermines confi dence in the ECB and hence a key element of European integration.
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