Confronting ECBs austerity mandate

Jakob Vestergaard; Daniela Gabor

Confronting ECBs austerity mandate

Research output: Other contribution › Research

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.

Original language	English
Publication date	1 Mar 2020
Publisher	Foundation for Progressive European Studies
Number of pages	12
Publication status	Published - 1 Mar 2020

Series	FEPS Policy Brief
Volume	March 2020

Bibliographical note

FEPS Policy Brief March 2020

Link to document

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

Cite this

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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.",

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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.

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