Confronting ECBs austerity mandate

Jakob Vestergaard, Daniela Gabor

Research output: Other contributionResearch


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.
Original languageEnglish
Publication date1 Mar 2020
PublisherFoundation for Progressive European Studies
Number of pages12
Publication statusPublished - 1 Mar 2020

Bibliographical note

FEPS Policy Brief March 2020

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