Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/157540
Authors: 
Fratzscher, Marcel
Year of Publication: 
2016
Citation: 
[Journal:] CESifo Economic Studies [ISSN:] 1610-241x [Volume:] 62 [Issue:] 1 [Pages:] 68-87
Abstract: 
The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The article reviews, compares, and evaluates the different arguments made in favor and against ECB policies around three key dimensions—the link of the policy path to price stability, financial stability, and economic policy. It argues that this debate is not only about the weighing of the benefits against the costs of monetary policy, but it is primarily about the question which mandate the ECB should pursue. This question remains unanswered.
Subjects: 
mandate
price stability
financial stability
European Central Bank
Germany
unconventional policies
JEL: 
E50
E60
E58
Persistent Identifier of the first edition: 
Document Type: 
Article

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