Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/88679
Authors: 
Issing, Otmar
Year of Publication: 
2013
Series/Report no.: 
White Paper Series 7
Abstract: 
The financial crisis which started in 2007 has caused a tremendous challenge for monetary policy. The simple concept of inflation targeting has lost its position as state of the art. There is a debate on whether the mandate of a central bank should not be widened. And, indeed, monetary policy has been very accommodative in the last couple of years and central banks have modified their communication strategies by introducing forward guidance as a new policy tool. This paper addresses the consequences of these developments for the credibility, the reputation and the independence of central banks. It also comments on the recent debate among economists concerning the question whether the ECB's OMT program is compatible with its mandate.
Subjects: 
ECB
OMT
central banking
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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