Money mischief in the Eurozone: Reforming the European Monetary Union
The European Central Bank has been a source of monetary disorder in the Eurozone. It was complicit in creating a huge asset bubble and growing current account imbalances in the Eurozone in the pre-crisis years. And it has been complicit in creating the drawn-out recession in the Eurozone in the past years. Its failure stems from a misguided monetary policy based on pure inflation targeting and a progressive downgrade of the role of money in monetary policy. For the ECB to become a source of macroeconomic stability, its policy, targets an operation of instruments should be changed. It does not mean that price stability should be ditched, or that a new mandate needs to be created. Yet it means that it should explore alternatives to the current monetary policy regime.
Year of publication: |
2013
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Authors: | Erixon, Fredrik |
Publisher: |
Brussels : European Centre for International Political Economy (ECIPE) |
Saved in:
freely available
Series: | ECIPE Occasional Paper ; 1/2013 |
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Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Research Report |
Language: | English |
Other identifiers: | 752405756 [GVK] hdl:10419/174720 [Handle] |
Source: |
Persistent link: https://www.econbiz.de/10011790211
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