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The ECB's Fiscal Policy

Hans-Werner Sinn

NBER Working Paper No. 24613
Issued in May 2018, Revised in May 2018
NBER Program(s):The Monetary Economics Program

While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and moved into fiscal territory. This text describes and summarizes the crucial role played by the ECB in the intervention spiral resulting from its bid to manage the crisis. It also outlines ongoing competitiveness problems in southern Europe, discusses the so-called austerity policy of the Troika, comments on QE and presents two alternative paths for the future development of Europe.

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Document Object Identifier (DOI): 10.3386/w24613

Published: Hans-Werner Sinn, 2018. "The ECB’s fiscal policy," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 25(6), pages 1404-1433, December. citation courtesy of

 
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