Confronting ECBs austerity mandate

Jakob Vestergaard; Daniela Gabor

Confronting ECBs austerity mandate

Publikation: Andet › Andet bidrag › Forskning

Abstract

The ECB’s involvement in the fiscal disciplining of EU member states through its collateral policies has not been discussed much by central banking scholars. It is only in recent years that any literature has emerged, but the overall orientation of this work is troubling. From both sides of the long-standing intellectual divides on matters of European Monetary Union, calls are made for the ECB to deepen and enhance its role in the fiscal disciplining of member states. If this path is taken, the consequences for financial stability in Europe will be severe. The ECB’s collateral policies need reform – but in the exact opposite direction: collateral
policies must be unequivocally non-discriminatory and countercyclical.

Originalsprog	Engelsk
Publikationsdato	1 mar. 2020
Udgiver	Foundation for Progressive European Studies
Antal sider	12
Status	Udgivet - 1 mar. 2020

Navn	FEPS Policy Brief
Vol/bind	March 2020

Link til dokument

https://www.feps-europe.eu/attachments/publications/vestergaard%20gabor%20confronting%20ecb%20austerity%20mandatepb_confronting%20the%20ecbs%20austerity%20mandate.pdf

Citer dette

@misc{04aa8f0e33404b2ba796877836b77fe0,

title = "Confronting ECBs austerity mandate",

abstract = "The ECB{\textquoteright}s involvement in the fiscal disciplining of EU member states through its collateral policies has not been discussed much by central banking scholars. It is only in recent years that any literature has emerged, but the overall orientation of this work is troubling. From both sides of the long-standing intellectual divides on matters of European Monetary Union, calls are made for the ECB to deepen and enhance its role in the fiscal disciplining of member states. If this path is taken, the consequences for financial stability in Europe will be severe. The ECB{\textquoteright}s collateral policies need reform – but in the exact opposite direction: collateralpolicies must be unequivocally non-discriminatory and countercyclical.",

author = "Jakob Vestergaard and Daniela Gabor",

note = "FEPS Policy Brief March 2020",

year = "2020",

month = mar,

day = "1",

language = "English",

series = "FEPS Policy Brief",

publisher = "Foundation for Progressive European Studies",

address = "Belgium",

type = "Other",

}

TY - GEN

T1 - Confronting ECBs austerity mandate

AU - Vestergaard, Jakob

AU - Gabor, Daniela

N1 - FEPS Policy Brief March 2020

PY - 2020/3/1

Y1 - 2020/3/1

N2 - The ECB’s involvement in the fiscal disciplining of EU member states through its collateral policies has not been discussed much by central banking scholars. It is only in recent years that any literature has emerged, but the overall orientation of this work is troubling. From both sides of the long-standing intellectual divides on matters of European Monetary Union, calls are made for the ECB to deepen and enhance its role in the fiscal disciplining of member states. If this path is taken, the consequences for financial stability in Europe will be severe. The ECB’s collateral policies need reform – but in the exact opposite direction: collateralpolicies must be unequivocally non-discriminatory and countercyclical.

AB - The ECB’s involvement in the fiscal disciplining of EU member states through its collateral policies has not been discussed much by central banking scholars. It is only in recent years that any literature has emerged, but the overall orientation of this work is troubling. From both sides of the long-standing intellectual divides on matters of European Monetary Union, calls are made for the ECB to deepen and enhance its role in the fiscal disciplining of member states. If this path is taken, the consequences for financial stability in Europe will be severe. The ECB’s collateral policies need reform – but in the exact opposite direction: collateralpolicies must be unequivocally non-discriminatory and countercyclical.

M3 - Other contribution

T3 - FEPS Policy Brief

PB - Foundation for Progressive European Studies

ER -