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Winkler, Adalbert
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[Journal:] Wirtschaftsdienst [ISSN:] 1613-978X [Publisher:] Springer [Place:] Heidelberg [Volume:] 93 [Year:] 2013 [Issue:] 12 [Pages:] 818-823
Nach der EZB-Zinssenkung Anfang November 2013 hat sich Bundesbankpräsident Jens Weidmann mehrfach zu Wort gemeldet, um die Sicht der Bundesbank zum derzeitigen Kurs der Geldpolitik zu erläutern. In seinen Stellungnahmen rechtfertigt er grundsätzlich den derzeit expansiven Kurs der Geldpolitik. Gleichzeitig deutet er aber an, dass Kernelemente des bisher gültigen geldpolitischen Paradigmas, die Orientierung an einem klar definierten Ziel und dessen konsistente Verfolgung - unabhängig von Inflation und Deflation -, in Frage zu stellen sind.
Abstract (Translated): 
The ECB decision to cut its benchmark interest rate in November 2013 has been severely criticised in Germany. Against this background, the President of the Bundesbank justified the ECB's monetary policy stance in recent speeches. At the same time, however, he argued that this stance carries risks and has adverse effects. By noting this, he leaves it open to interpretation whether a more restrictive stance would be appropriate even if inflation is well within the target range. If this interpretation were to be correct, it would indicate a deviation from elements of the pre-crisis consensus, namely that policy makers should aim at a clear target and should justify their measures in a consistent way.
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