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Das geldpolitische Instrumentarium des Europäischen Systems der Zentralbanken — Eine Analyse des EWI-Vorschlages
Credit and Capital Markets – Kredit und Kapital, Vol. 31 (1998), Iss. 2 : pp. 273–302
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Horst Feldmann, Tübingen
References
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Abstract
The Monetary Policy Instruments of the European System of Central Banks - An Analysis of the EMI Proposal
In 1997, the European Monetary Institute (EMI) submitted a proposal on the monetary policy instruments of the European System of Central Banks. This proposal includes three types of instruments: open-market operations, standing facilities and minimum reserves. The paper analyses all three types of instruments. Firstly, it demonstrates to what extent these instruments differ from the ones the Bundesbank has at its disposal at present. Secondly, it evaluates the proposed instruments, using as criteria efficiency of monetary policy, conformity with the principles of a market economy, and decentralized application. Finally, the paper shows which questions still need to be clarified and what kinds of monetary policy risk are associated with the European Monetary Union.