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Non-neutral Monetary Policy towards Sustainability in the Eurozone – an Analysis of Refinancing Operations and Minimum Reserve Policy

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Walter, J. Non-neutral Monetary Policy towards Sustainability in the Eurozone – an Analysis of Refinancing Operations and Minimum Reserve Policy. Credit and Capital Markets – Kredit und Kapital, 99999(), 1-23. https://doi.org/10.3790/ccm.2024.1448402
Walter, Johann "Non-neutral Monetary Policy towards Sustainability in the Eurozone – an Analysis of Refinancing Operations and Minimum Reserve Policy" Credit and Capital Markets – Kredit und Kapital 99999., 2024, 1-23. https://doi.org/10.3790/ccm.2024.1448402
Walter, Johann (2024): Non-neutral Monetary Policy towards Sustainability in the Eurozone – an Analysis of Refinancing Operations and Minimum Reserve Policy, in: Credit and Capital Markets – Kredit und Kapital, vol. 99999, iss. , 1-23, [online] https://doi.org/10.3790/ccm.2024.1448402
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Non-neutral Monetary Policy towards Sustainability in the Eurozone – an Analysis of Refinancing Operations and Minimum Reserve Policy

Walter, Johann

Credit and Capital Markets – Kredit und Kapital, Vol. (2024), Online First : pp. 1–23

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Article Details

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Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.2024.1448402
Language
English
Pages
23
Keywords

Author Details

Prof. Dr. Johann Walter, Westfälische Hochschule Gelsenkirchen (University of ­Applied Sciences), Neidenburger Str. 43, 45897 Gelsenkirchen.

References

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Abstract

This article reviews the discussion with respect to a justification of a non-neutral monetary policy and analyses design options for such a policy. The analysis is limited to refinancing operations and minimum reserve policy. Monetary policy with a green bias, while being controversially discussed, is meanwhile widely accepted and partly realised by the ECB. With respect to sustainability in a broader sense, however, the ECB could – and should – do more. In this context, two proposals are presented as to how – in line with the mandate and the statute of the European System of Central Banks – a non-neutral monetary policy towards sustainability could be designed.

Table of Contents

Section Title Page Action Price
Johann Walter: Non-neutral Monetary Policy towards Sustainability in the Eurozone – an Analysis of Refinancing Operations and Minimum Reserve Policy 1
Abstract 1
I. Introduction 1
II. Justification of a Non-neutral Monetary Policy 2
1. General Justification 2
2. Special Justification of a Green Monetary Policy 6
III. Shaping a Non-neutral (Sustainability-related) Monetary Policy in the Eurozone 8
1. Options for Refinancing Operations and Minimum Reserve Policy 8
a) Outright Transactions 9
b) Credit Operations 10
c) Minimum Reserve Policy 11
d) Options of Refinancing Operations and Minimum Reserve Policy: an Overview 12
2. Evaluation of the Implementation of Non-neutral Monetary Policy by the ECB 13
a) Implementation of Green Monetary Policy 14
b) Implementation of a Non-Neutral Monetary Policy in a Broader Sense 15
IV. Two Proposals for a Non-neutral Monetary Policy in the Eurozone 16
1. Simultaneous Implementation of Several Monetary Policy Action Programmes 16
2. Using the Criterion “Balance Sheet Total” for Specific Treatment of Banks 17
V. Conclusion and Outlook 20
References 21

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